PIMCO New York Municipal Income Fund
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10381
PIMCO New York Municipal Income Fund
(Exact name of registrant as specified in charter)
1633 Broadway, New York, NY 10019
(Address of principal executive offices)
William G. Galipeau
Treasurer (Principal Financial & Accounting Officer)
650 Newport Center Drive
Newport Beach, CA 92660
(Name and address of agent for service)
Copies to:
David C. Sullivan
Ropes & Gray LLP
Prudential Tower
800
Boylston Street
Boston, MA 02199
Registrants telephone number, including area code: (844) 337-4626
Date of fiscal year end: December 31
Date of reporting
period: June 30, 2016
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10
days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR
in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified
by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget
(OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. |
Reports to Shareholders. |
The following is a copy of the report transmitted to
shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30e-1).
PIMCO Closed-End Funds
Semiannual Report
June 30, 2016
PIMCO Municipal Income Fund
PIMCO Municipal Income Fund II
PIMCO Municipal Income Fund III
PIMCO California Municipal Income Fund
PIMCO California Municipal Income Fund II
PIMCO California Municipal Income Fund III
PIMCO New York Municipal
Income Fund
PIMCO New York Municipal Income Fund II
PIMCO New York Municipal Income Fund III
Table of Contents
Letter from the Chairman of the Board & President
Dear Shareholder,
The financial markets generated mixed results during the reporting period.
Investor sentiment fluctuated as investors reacted to incoming economic data, shifting monetary policy, volatile commodity prices and numerous geopolitical issues.
Outside of the reporting period, PIMCO announced on July 19, 2016 that the
firms Managing Directors have appointed Emmanuel (Manny) Roman as PIMCOs next Chief Executive Officer. PIMCOs current CEO Douglas Hodge will assume a new role as Managing Director and Senior Advisor when Mr. Roman joins PIMCO on
November 1st. The announcement of Mr. Roman as PIMCOs CEO is the culmination of a process undertaken by the firm to hire a senior executive who would add leadership and strategic insights combined with a deep appreciation of PIMCOs
diversified global businesses, investment process and focus on superior investment performance and client service. Mr. Romans appointment has the full support of the firms leadership including Mr. Hodge, PIMCOs President Jay
Jacobs, the firms Executive Committee and its Managing Directors. Mr. Roman has nearly 30 years of experience in the investment industry, with expertise in fixed income and proven executive leadership, most recently as CEO of Man Group PLC,
one of the worlds largest publicly traded alternative asset managers and leader in liquid, high-alpha investment strategies.
For the six-month reporting period ended June 30, 2016
Despite a number of headwinds, the U.S. economy was resilient and continued to
expand during the reporting period. That being said, the pace was far from robust. Looking back, U.S. gross domestic product (GDP), which represents the value of goods and services produced in the country, the broadest measure of
economic activity and the principal indicator of economic performance, expanded at a revised 0.9% annual pace during the fourth quarter of 2015. Economic activity then decelerated, as GDP grew at a 0.8% annual pace during the first quarter of 2016.
Finally, the Commerce Departments initial reading released after the reporting period had ended showed that second quarter 2016 GDP grew at an annual pace of 1.2%.
At its meeting in December 2015, the Federal Reserve (Fed) took its initial step toward normalizing monetary policy.
In particular, the Fed raised interest rates from a range between 0% and 0.25% to a range between 0.25% and 0.50%. However, since that time the Fed has remained on hold. In its official statement following the Feds June 2016 meeting it said,
The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in
the longer run.
The municipal bond market generated solid
results during the six months ended June 30, 2016. Despite negative headlines from the likes of Puerto Rico and within Illinois, the overall municipal market, as measured by the Barclays Municipal Bond Index, posted positive returns during all six
months of the reporting period. The municipal market was supported by overall solid fundamentals, attractive valuations and generally strong investor demand. All told, the Barclays Municipal Bond Index gained 4.33% during the reporting period. In
comparison, the overall taxable fixed income market, as measured by the Barclays U.S. Aggregate Bond Index, returned 5.31%.
Outlook
PIMCOs baseline view is for a version of todays status quo to continue and evolve gradually for the next three to five years. More specifically,
PIMCO foresees U.S. GDP growth at or slightly above trend of 1.5% to 2% per year, inflation fluctuating around the 2% Feds target, the Fed gradually lifting the federal funds rate to the New Neutral range of 2% to 3% nominal and
fiscal policy providing modest positive support to aggregate demand.
PIMCOs outlook for the municipal market remains positive due to improving overall credit fundamentals and the attractiveness of consistent
tax-efficient income in a low rate and volatile environment. However, PIMCO acknowledges the potential for periods of volatility given negative credit headlines and the uncertainties surrounding the upcoming November elections. As it pertains to the
PIMCO Municipal Closed-End Funds, in the current
environment the potential exists for continued downward pressure on net income of the Funds. This is due to issuers exercising the call option on our higher yielding investments, or additional
upward pressure on financing costs from further Fed policy rate increases.
In the following pages of this PIMCO Closed-End Funds Semiannual Report, please find specific details regarding investment performance and a discussion of factors that most affected the Funds
performance over the six months ended June 30, 2016.
Thank you for
investing with us. We value your trust and will continue to work diligently to meet your investment needs. If you have questions regarding any of your PIMCO Closed-End Funds investments, please contact your financial advisor or call the Funds
shareholder servicing agent at (844) 33-PIMCO, or (844) 337-4626. We also invite you to visit our website at www.pimco.com to learn more about our views.
Sincerely,
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Hans W. Kertess |
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Peter G. Strelow |
Chairman of the Board of Trustees |
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President |
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SEMIANNUAL REPORT |
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JUNE 30, 2016 |
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Important Information About the Funds
We believe that bond funds have an important role to play in a well- diversified investment
portfolio. It is important to note, however, that in an environment where interest rates trend upward, rising rates would negatively impact the performance of most bond funds, and fixed- income securities held by a Fund are likely to decrease in
value. A number of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). Accordingly, changes in interest rates can be sudden, and there is no guarantee that Fund
Management will anticipate such movement. As of the date of this report, interest rates in the U.S. are at or near historically low levels. As such, bond funds may currently face an increased exposure to the risks associated with rising interest
rates. This is especially true since the Federal Reserve Board has concluded its quantitative easing program and, at its meeting on December 16, 2015, raised interest rates for the first time since 2006 from a target range of 0% to 0.25% to a target
range of 0.25% to 0.50%. Further, while the U.S. bond market has steadily grown over the past three decades, dealer inventories of corporate bonds have remained relatively stagnant. As a result, there has been a significant reduction in the ability
of dealers to make markets in corporate bonds. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, which could result in increased
losses to a Fund. Bond funds and individual bonds with a longer duration (a measure of the sensitivity of a securitys price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile
than securities or funds with shorter durations. In addition, in the current low interest rate environment, the market price of the Funds common shares may be particularly sensitive to changes in interest rates or the perception that there
will be a change in interest rates.
A Fund that
invests in the municipal bond market is subject to certain risks. The amount of public information available about the municipal bonds held by a Fund is generally less than that for corporate equities or bonds, and the investment performance of the
Fund may therefore be more dependent on the analytical abilities of PIMCO than would be a stock fund or taxable bond fund. The secondary market for municipal bonds also tends to be less well-developed or liquid than many other securities markets,
which may adversely affect a Funds ability to sell its bonds at attractive prices. The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns and as governmental cost
burdens are reallocated among federal, state and local governments. In addition, laws enacted in the future by Congress or state legislatures or referenda could extend the time for payment of principal and/or interest, or impose other constraints on
enforcement of such obligations, or on the ability of municipal issuers to levy taxes. Issuers of municipal securities might seek protection under the bankruptcy
laws. In the event of bankruptcy of such an issuer, a Fund investing in the issuers securities could experience delays in collecting principal and interest and the Fund may not, in all
circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in the payment of interest or repayment of principal, or both, a Fund may, in some instances, take possession of,
and manage, the assets securing the issuers obligations on such securities, which may increase the Funds operating expenses. Any income derived from the Funds ownership or operation of such assets may not be tax-exempt.
A Fund that concentrates its investments in California municipal
bonds may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal. Certain issuers of California municipal bonds have experienced serious financial
difficulties in the past and reoccurrence of these difficulties may impair the ability of certain California issuers to pay principal or interest on their obligations. Provisions of the California Constitution and State statutes that limit the
taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While Californias economy is broad, it does have major concentrations in high
technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services, and may be sensitive to economic problems affecting those industries. Future California political and economic developments,
constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers.
A Fund that concentrates its investments in New York municipal
bonds may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal. While New Yorks economy is broad, it does have concentrations in the financial
services industry, and may be sensitive to economic problems affecting that industry. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and a reoccurrence of these difficulties may impair the
ability of certain New York issuers to pay principal or interest on their obligations. The financial health of New York City affects that of the State, and when New York City experiences financial difficulty it may have an adverse effect on New York
municipal bonds held by a Fund. The growth rate of New York has at times been somewhat slower than the nation overall. The economic and financial condition of New York also may be affected by various financial, social, economic and political
factors.
The use of derivatives may subject the
Funds to greater volatility than investments in traditional securities. The Funds may use derivative instruments for hedging purposes or as part of an investment strategy.
Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, call risk, credit risk, management risk and the risk that a Fund could not
close out a position when it would be most advantageous to do so. Certain derivative transactions may have a leveraging effect on a Fund. For example, a small investment in a derivative instrument may have a significant impact on a Funds
exposure to interest rates, currency exchange rates or other investments. As a result, a relatively small price movement in a derivative instrument may cause an immediate and substantial loss or gain, which translates into heightened volatility in a
Funds net asset value NAV. A Fund may engage in such transactions regardless of whether the Fund owns the asset, instrument or components of the index underlying a derivative instrument. A Fund may invest a significant portion of
its assets in these types of instruments. If it does, a Funds investment exposure could far exceed the value of its portfolio securities and its investment performance could be primarily dependent upon securities it does not directly own.
Changes in regulation relating to a registered investment companys use of derivatives and related instruments could potentially limit or impact a Funds ability to invest in derivatives, limit a Funds ability to employ certain
strategies that use derivatives and adversely affect the value or performance of derivatives and a Fund. For instance, in December 2015, the SEC proposed new regulations applicable to a mutual funds use of derivatives and related instruments.
If adopted as proposed, these regulations could significantly limit or impact a Funds ability to invest in derivatives and other instruments, limit a Funds ability to employ certain strategies that use derivatives and adversely affect a
Funds performance, efficiency in implementing its strategy, liquidity and ability to pursue its investment objectives.
A Funds use of leverage creates the opportunity for increased income for the Funds common shareholders, but also creates special
risks. Leverage is a speculative technique that may expose a Fund to greater risk and increased costs. If shorter-term interest rates rise relative to the rate of return on a Funds portfolio, the interest and other costs to the Fund of
leverage could exceed the rate of return on the debt obligations and other investments held by the Fund, thereby reducing return to the Funds common shareholders. In addition, fees and expenses of any form of leverage used by a Fund will be
borne entirely by its common shareholders (and not by preferred shareholders, if any) and will reduce the investment return of the Funds common shares. There can be no assurance that a Funds use of leverage will result in a higher yield
on its common shares, and it may result in losses. Leverage creates several major types of risks for a Funds common shareholders, including: (1) the likelihood of greater volatility of net asset value and market price of the Funds common
shares, and of the investment return to the Funds common shareholders, than a comparable portfolio without leverage; (2) the possibility either that the Funds common
share dividends will fall if the interest and other costs of leverage rise, or that dividends paid on the Funds common shares will fluctuate because such costs vary over time; and (3) the
effects of leverage in a declining market or a rising interest rate environment, as leverage is likely to cause a greater decline in the net asset value of the Funds common shares than if the Fund were not leveraged and may result in a greater
decline in the market value of the Funds common shares.
There is a risk that a Fund investing in a tender option bond program will not be considered the owner of a tender option bond for federal income tax purposes, and thus will not be entitled
to treat such interest as exempt from federal income tax. Certain tender option bonds may be illiquid or may become illiquid as a result of, among other things, a credit rating downgrade, a payment default or a disqualification from tax-exempt
status. A Funds investment in the securities issued by a tender option bond trust may involve greater risk and volatility than an investment in a fixed rate bond, and the value of such securities may decrease significantly when market interest
rates increase. Tender option bond trusts could be terminated due to market, credit or other events beyond the Funds control, which could require the Funds to reduce leverage and dispose of portfolio investments at inopportune times and
prices. A Fund may use a tender option bond program as a way of achieving leverage in its portfolio, in which case the Fund will be subject to leverage risk.
High-yield bonds (commonly referred to as junk bonds) typically have a lower credit rating than other bonds. Lower-rated bonds
generally involve a greater risk to principal than higher-rated bonds. Further, markets for lower-rated bonds are typically less liquid than for higher rated bonds, and public information is usually less abundant in such markets. Thus, high yield
investments increase the chance that a Fund will lose money on its investment. The Funds may also invest in bonds and other instruments that are not rated, but which PIMCO considers to be equivalent to high-yield investments. The Funds may hold
defaulted securities that may involve special considerations including bankruptcy proceedings, other regulatory and legal restrictions affecting the Funds ability to trade, and the availability of prices from independent pricing services or
dealer quotations. Defaulted securities are often illiquid and may not be actively traded. Sale of securities in bankrupt companies at an acceptable price may be difficult and differences compared to the value of the securities used by the Funds
could be material.
Variable and floating rate
securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely floating rate securities will not generally increase in
value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit
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SEMIANNUAL REPORT |
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JUNE 30, 2016 |
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5 |
Important Information About the Funds (Cont.)
greater price volatility than a fixed rate obligation with similar credit quality. When a Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate
securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Funds shares.
As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to
operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may cause a Fund to lose proprietary information, suffer data corruption, or lose operational capacity.
Cyber security breaches may involve unauthorized access to a Funds digital information systems (e.g., through hacking or malicious software coding), but may also result from outside attacks such as denial-of-service attacks (i.e.,
efforts to make network services unavailable to intended users). In addition, cyber security breaches of a Funds third party service providers (including but not limited to advisers, sub-advisers, administrators, transfer agents, custodians,
distributors and other third parties) or issuers that a Fund invests in can also subject a Fund to many of the same risks associated with direct cyber security breaches. Cyber security failures or breaches may result in financial losses to a Fund
and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Funds ability to calculate its net asset value, process shareholder
transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; or additional
compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Like with operational risk in general, the Funds have established risk management systems designed to reduce the risks associated
with cyber security. However, there is no guarantee that such efforts will succeed, especially since the Funds do not directly control the cyber security systems of issuers or third party service providers. The Funds and their shareholders could be
negatively impacted as a result.
The common shares
of the Funds trade on the New York Stock Exchange. As with any stock, the price of a Funds common shares will fluctuate with market conditions and other factors. If you sell your common shares of a Fund, the price received may be more or less
than your original investment. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. The common shares of a Fund may trade at a price that is less than the initial offering price and/or the
net asset value of such shares. Further,
if a Funds shares trade at a price that is more than the initial offering price and/or
the net asset value of such shares, including at a substantial premium and/or for an extended period of time, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not
trade at a discount to net asset value thereafter.
The Funds may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the
following: asset allocation risk, credit risk, stressed securities risk, distressed and defaulted securities risk, corporate bond risk, market risk, issuer risk, liquidity risk, equity securities and related market risk, mortgage-related and other
asset-backed securities risk, extension risk, prepayment risk, privately issued mortgage-related securities risk, mortgage market/ subprime risk, currency risk, redenomination risk, non-diversification risk, management risk, municipal bond risk,
tender option bond risk, inflation-indexed security risk, senior debt risk, loans, participations and assignments risk, reinvestment risk, real estate risk, U.S. Government securities risk, foreign (non-U.S.) government securities risk, valuation
risk, segregation and cover risk, focused investment risk, credit default swaps risk, event-linked securities risk, counterparty risk, preferred securities risk, confidential information access risk, other investment companies risk, private
placements risk, inflation/deflation risk, regulatory risk, tax risk, recent economic conditions risk, market disruptions and geopolitical risk, potential conflicts of interest involving allocation of investment opportunities, repurchase agreements
risk, securities lending risk, zero-coupon bond and payment-in-kind securities risk, portfolio turnover risk, smaller company risk, short sale risk and convertible securities risk. A description of certain of these risks is available in the Notes to
Financial Statements of this Report.
On each Fund
Summary page in this Shareholder Report, the Average Annual Total Return table measures performance assuming that all dividend and capital gain distributions were reinvested. Total return is calculated by determining the percentage change in NAV or
market price (as applicable) in the specified period. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total return for a period of more than one year represents the average annual total return.
Performance at market price will differ from results at NAV. Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about a
Fund, market conditions, supply and demand for the Funds shares, or changes in the Funds dividends. Performance shown is net of fees and expenses.
The following
table discloses the commencement of operations and diversification status of each Fund:
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Fund Name |
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Commencement of Operations |
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Diversification Status |
PIMCO Municipal Income Fund |
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06/29/01 |
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Diversified |
PIMCO Municipal Income Fund II |
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06/28/02 |
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Diversified |
PIMCO Municipal Income Fund III |
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10/31/02 |
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Diversified |
PIMCO California Municipal Income Fund |
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06/29/01 |
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Diversified |
PIMCO California Municipal Income Fund II |
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06/28/02 |
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Diversified |
PIMCO California Municipal Income Fund III |
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10/31/02 |
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Diversified |
PIMCO New York Municipal Income Fund |
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06/29/01 |
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Non-diversified |
PIMCO New York Municipal Income Fund II |
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06/28/02 |
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Non-diversified |
PIMCO New York Municipal Income Fund III |
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10/31/02 |
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Non-diversified |
An investment in a Fund is not a
deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.
The Trustees are responsible generally for overseeing the management of the Funds. The Trustees authorize the
Funds to enter into service agreements with the Investment Manager and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the
Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Funds original or any subsequent prospectus or Statement of Additional Information (SAI), any press release or shareholder report, any
contracts filed as exhibits to a Funds registration statement, nor any other communications, disclosure documents or regulatory filings from or on behalf of a Fund creates a contract between or among any shareholder of a Fund, on the one hand,
and the Fund, a service provider to the Fund, and/or the Trustees or officers of the Fund, on the other hand. The Trustees (or the Funds and their officers, service providers or other delegates acting under authority of the Trustees) may amend the
most recent or use a new prospectus or SAI with respect to a Fund, adopt and disclose new or amended policies and other changes in press releases and shareholder reports and/or amend, file and/or issue any other communications, disclosure documents
or regulatory filings, and may
amend or enter into any contracts to which a Fund is a party, and interpret the investment
objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental
investment policies) or where a shareholder approval requirement was specifically disclosed in a Funds prospectus, SAI or shareholder report and is otherwise still in effect.
PIMCO has adopted written proxy voting policies and procedures
(Proxy Policy) as required by Rule 206(4)-6 under the Investment PIMCO has adopted written proxy voting policies and procedures (Proxy Policy) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy
Policy has been adopted by the Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each
Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Funds at (844) 33-PIMCO
(844-337-4626), on the Funds website at www.pimco.com, and on the Securities and Exchange Commissions (SEC) website at http://www.sec.gov.
Each Fund files a complete schedule of its portfolio holdings
with the SEC for the first and third quarters of its fiscal year on Form N-Q. A copy of each Funds Form N-Q is available on the SECs website at http://www.sec.gov and may be reviewed and copied at the SECs Public Reference Room in
Washington, D.C., and is available without charge, upon request by calling the Funds at (844) 33-PIMCO (844-337-4626) and on the Funds website at www.pimco.com.
Updated portfolio holdings information about a Fund will be
available at www.pimco.com approximately 15 calendar days after such Funds most recent fiscal quarter end, and will remain accessible until such Fund files a Form N-Q or a shareholder report for the period which includes the date of the
information. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
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SEMIANNUAL REPORT |
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JUNE 30, 2016 |
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7 |
PIMCO Municipal Income Fund
Allocation
Breakdown
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Municipal Bonds & Notes |
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Health, Hospital & Nursing Home Revenue |
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19.9% |
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Highway Revenue Tolls |
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10.2% |
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Tobacco Settlement Funded |
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8.7% |
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Ad Valorem Property Tax |
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8.3% |
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Natural Gas Revenue |
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6.5% |
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Miscellaneous Revenue |
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5.5% |
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Industrial Revenue |
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4.8% |
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Electric Power & Light Revenue |
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4.7% |
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College & University Revenue |
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4.3% |
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Port, Airport & Marina Revenue |
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3.9% |
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Special Assessment |
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3.6% |
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Water Revenue |
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3.4% |
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Miscellaneous Taxes |
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3.2% |
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Sewer Revenue |
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2.6% |
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General Fund |
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2.3% |
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Nuclear Revenue |
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2.2% |
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Transit Revenue |
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1.1% |
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Other |
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2.8% |
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Short-Term Instruments |
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2.0% |
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% of Investments, at value as of 06/30/2016. Financial derivative instruments, if any, are excluded.
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Fund Information (as of June 30, 2016)(1)
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Market Price |
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$17.23 |
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NAV |
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$13.91 |
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Premium/(Discount) to NAV |
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23.87% |
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Market Price Distribution Yield(2) |
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5.66% |
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NAV Distribution Yield(2) |
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7.01% |
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Total Effective
Leverage(3) |
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36% |
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Average Annual Total Return(1) for the period ended June 30, 2016 |
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6 Month* |
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1 Year |
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5 Year |
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10 Year |
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Commencement of Operations (06/29/01) |
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Market Price |
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15.09% |
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33.80% |
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13.04% |
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7.70% |
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8.20% |
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NAV |
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8.75% |
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16.98% |
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12.38% |
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7.91% |
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7.60% |
|
All Fund returns are net of
fees and expenses.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current
performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with
changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) |
Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV
or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it
should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will notify shareholders of the estimated composition of such
distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if
applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred
shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in
other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of
total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).
|
Investment Objective and Strategy
Overview
» |
|
PIMCO Municipal Income Funds primary investment objective is to seek current income exempt from federal income tax.
|
Fund Insights at NAV
Following are key factors impacting the Funds performance during
the reporting period:
» |
|
The Funds long-duration positioning contributed to absolute performance, as municipal bond yields moved lower. |
» |
|
An overweight to revenue-backed municipal bond securities contributed to performance, as the segment outperformed the general municipal bond
market. |
» |
|
Exposure to the municipal tobacco sector contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
An overweight to the industrial revenue sector contributed to performance, as the higher-beta segment outperformed the general municipal bond
market. |
» |
|
Underweights to the education and health care sectors detracted from performance, as they both outperformed the general municipal bond market.
|
PIMCO Municipal Income Fund II
Allocation
Breakdown
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
Health, Hospital & Nursing Home Revenue |
|
|
20.7% |
|
Tobacco Settlement Funded |
|
|
11.6% |
|
Highway Revenue Tolls |
|
|
8.1% |
|
Industrial Revenue |
|
|
7.9% |
|
Natural Gas Revenue |
|
|
7.6% |
|
Miscellaneous Taxes |
|
|
6.1% |
|
Ad Valorem Property Tax |
|
|
5.9% |
|
Electric Power & Light Revenue |
|
|
5.5% |
|
Water Revenue |
|
|
3.6% |
|
Sewer Revenue |
|
|
3.5% |
|
College & University Revenue |
|
|
2.7% |
|
Lease (Appropriation) |
|
|
2.7% |
|
General Fund |
|
|
2.6% |
|
Port, Airport & Marina Revenue |
|
|
2.2% |
|
Miscellaneous Revenue |
|
|
2.0% |
|
Transit Revenue |
|
|
1.5% |
|
Nuclear Revenue |
|
|
1.0% |
|
Special Assessment |
|
|
1.0% |
|
Other |
|
|
3.2% |
|
Short-Term Instruments |
|
|
0.6% |
|
|
|
% of Investments, at value as of 06/30/2016. Financial derivative instruments, if any, are excluded.
|
Fund Information (as of June 30, 2016)(1)
|
|
|
|
|
Market Price |
|
|
$13.96 |
|
NAV |
|
|
$13.02 |
|
Premium/(Discount) to NAV |
|
|
7.22% |
|
Market Price Distribution Yield(2) |
|
|
5.59% |
|
NAV Distribution Yield(2) |
|
|
5.99% |
|
Total Effective
Leverage(3) |
|
|
33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Return(1) for the period ended June 30, 2016 |
|
|
|
6 Month* |
|
|
1 Year |
|
|
5 Year |
|
|
10 Year |
|
|
Commencement of Operations (06/28/02) |
|
Market Price |
|
|
15.05% |
|
|
|
29.45% |
|
|
|
12.98% |
|
|
|
6.46% |
|
|
|
6.44% |
|
NAV |
|
|
8.38% |
|
|
|
15.95% |
|
|
|
11.82% |
|
|
|
5.91% |
|
|
|
6.28% |
|
All Fund returns are net of
fees and expenses.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current
performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with
changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) |
Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV
or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it
should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will notify shareholders of the estimated composition of such
distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if
applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred
shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in
other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of
total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).
|
Investment Objective and Strategy
Overview
» |
|
PIMCO Municipal Income Fund IIs primary investment objective is to seek current income exempt from federal income tax. |
Fund Insights at NAV
Following are key factors impacting the Funds performance during the
reporting period:
» |
|
The Funds long-duration positioning contributed to absolute performance, as municipal bond yields moved lower. |
» |
|
An overweight to revenue-backed municipal bond securities contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
Exposure to the municipal tobacco sector contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
An overweight to the industrial revenue sector contributed to performance, as the higher-beta segment outperformed the general municipal bond market.
|
» |
|
Underweights to the health care and education sectors detracted from performance, as they both outperformed the general municipal bond market.
|
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
9 |
PIMCO Municipal Income Fund III
Allocation
Breakdown
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
Health, Hospital & Nursing Home Revenue |
|
|
17.0% |
|
Sewer Revenue |
|
|
11.3% |
|
Tobacco Settlement Funded |
|
|
10.4% |
|
Highway Revenue Tolls |
|
|
9.1% |
|
Natural Gas Revenue |
|
|
5.8% |
|
Electric Power & Light Revenue |
|
|
4.9% |
|
Water Revenue |
|
|
4.4% |
|
Industrial Revenue |
|
|
4.3% |
|
Nuclear Revenue |
|
|
4.0% |
|
Recreational Revenue |
|
|
4.0% |
|
General Fund |
|
|
3.9% |
|
Ad Valorem Property Tax |
|
|
3.8% |
|
Lease (Appropriation) |
|
|
3.5% |
|
Port, Airport & Marina Revenue |
|
|
2.3% |
|
Miscellaneous Revenue |
|
|
2.2% |
|
College & University Revenue |
|
|
2.2% |
|
Miscellaneous Taxes |
|
|
1.8% |
|
Tax Increment/Allocation Revenue |
|
|
1.2% |
|
Local or Guaranteed Housing |
|
|
1.0% |
|
Special Assessment |
|
|
1.0% |
|
Other |
|
|
1.2% |
|
Short-Term Instruments |
|
|
0.7% |
|
|
|
% of Investments, at value as of 06/30/2016. Financial derivative instruments, if any, are excluded.
|
Fund Information (as of June 30, 2016)(1)
|
|
|
|
|
Market Price |
|
|
$12.88 |
|
NAV |
|
|
$11.80 |
|
Premium/(Discount) to NAV |
|
|
9.15% |
|
Market Price Distribution Yield(2) |
|
|
5.80% |
|
NAV Distribution Yield(2) |
|
|
6.34% |
|
Total Effective
Leverage(3) |
|
|
36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Return(1) for the period ended June 30, 2016 |
|
|
|
6 Month* |
|
|
1 Year |
|
|
5 Year |
|
|
10 Year |
|
|
Commencement of Operations (10/31/02) |
|
Market Price |
|
|
15.52% |
|
|
|
29.17% |
|
|
|
11.70% |
|
|
|
6.25% |
|
|
|
6.18% |
|
NAV |
|
|
9.55% |
|
|
|
17.84% |
|
|
|
12.81% |
|
|
|
5.78% |
|
|
|
6.10% |
|
All Fund returns are net of
fees and expenses.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current
performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with
changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) |
Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV
or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it
should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will notify shareholders of the estimated composition of such
distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if
applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred
shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in
other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of
total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).
|
Investment Objective and Strategy
Overview
» |
|
PIMCO Municipal Income Fund IIIs primary investment objective is to seek current income exempt from federal income tax.
|
Fund Insights at NAV
Following are key factors impacting the Funds performance during the
reporting period:
» |
|
The Funds long-duration positioning contributed to absolute performance, as municipal bond yields moved lower. |
» |
|
An overweight to revenue-backed municipal bond securities contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
Exposure to the municipal tobacco sector contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
An overweight to the industrial revenue sector contributed to performance, as the higher-beta segment outperformed the general municipal bond market.
|
» |
|
Underweights to the education and health care sectors detracted from performance, as they both outperformed the general municipal bond market.
|
|
|
|
|
|
|
|
|
|
10 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
|
|
PIMCO California Municipal Income Fund
Allocation
Breakdown
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
Health, Hospital & Nursing Home Revenue |
|
|
24.3% |
|
Ad Valorem Property Tax |
|
|
14.5% |
|
Tobacco Settlement Funded |
|
|
10.0% |
|
College & University Revenue |
|
|
10.0% |
|
Lease (Abatement) |
|
|
8.8% |
|
Natural Gas Revenue |
|
|
7.8% |
|
Water Revenue |
|
|
7.2% |
|
Electric Power & Light Revenue |
|
|
5.1% |
|
General Fund |
|
|
3.6% |
|
Local or Guaranteed Housing |
|
|
2.4% |
|
Highway Revenue Tolls |
|
|
2.4% |
|
Tax Increment/Allocation Revenue |
|
|
1.5% |
|
Port, Airport & Marina Revenue |
|
|
1.2% |
|
Other |
|
|
0.4% |
|
Short-Term Instruments |
|
|
0.8% |
|
|
|
% of Investments, at value as of 06/30/2016. Financial derivative instruments, if any, are excluded.
|
Fund Information (as of June 30, 2016)(1)
|
|
|
|
|
Market Price |
|
|
$16.93 |
|
NAV |
|
|
$15.27 |
|
Premium/(Discount) to NAV |
|
|
10.87% |
|
Market Price Distribution Yield(2) |
|
|
5.46% |
|
NAV Distribution Yield(2) |
|
|
6.05% |
|
Total Effective
Leverage(3) |
|
|
39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Return(1) for the period ended June 30, 2016 |
|
|
|
6 Month* |
|
|
1 Year |
|
|
5 Year |
|
|
10 Year |
|
|
Commencement of Operations
(06/29/01) |
|
Market Price |
|
|
11.05% |
|
|
|
26.00% |
|
|
|
12.82% |
|
|
|
7.96% |
|
|
|
7.69% |
|
NAV |
|
|
7.83% |
|
|
|
16.08% |
|
|
|
12.28% |
|
|
|
7.95% |
|
|
|
7.49% |
|
All Fund returns are net of
fees and expenses.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current
performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with
changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) |
Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV
or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it
should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will notify shareholders of the estimated composition of such
distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if
applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred
shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in
other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of
total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).
|
Investment Objective and Strategy
Overview
» |
|
PIMCO California Municipal Income Funds primary investment objective is to seek current income exempt from federal and California income tax.
|
Fund Insights at NAV
Following are key factors impacting the Funds performance during the
reporting period:
» |
|
The Funds long-duration positioning contributed to absolute performance, as municipal bond yields moved lower. |
» |
|
An overweight to revenue-backed municipal bond securities contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
Exposure to the municipal tobacco sector contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
An overweight to the industrial revenue sector contributed to performance, as the higher-beta segment outperformed the general municipal bond market.
|
» |
|
Underweights to the transportation and education sectors detracted from performance, as they both outperformed the general municipal bond market.
|
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
11 |
PIMCO California Municipal Income Fund II
Allocation
Breakdown
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
Health, Hospital & Nursing Home Revenue |
|
|
25.1% |
|
Ad Valorem Property Tax |
|
|
22.7% |
|
Tobacco Settlement Funded |
|
|
11.0% |
|
Natural Gas Revenue |
|
|
7.8% |
|
College & University Revenue |
|
|
6.9% |
|
Electric Power & Light Revenue |
|
|
5.3% |
|
Tax Increment/Allocation Revenue |
|
|
5.3% |
|
General Fund |
|
|
3.1% |
|
Lease (Abatement) |
|
|
3.0% |
|
Port, Airport & Marina Revenue |
|
|
2.1% |
|
Special Tax |
|
|
1.4% |
|
Highway Revenue Tolls |
|
|
1.3% |
|
Water Revenue |
|
|
1.2% |
|
Local or Guaranteed Housing |
|
|
1.1% |
|
Private Schools |
|
|
1.0% |
|
Other |
|
|
1.4% |
|
Short-Term Instruments |
|
|
0.3% |
|
|
|
% of Investments, at value as of 06/30/2016. Financial derivative instruments, if any, are excluded. |
Fund Information (as of June 30, 2016)(1)
|
|
|
|
|
Market Price |
|
|
$11.05 |
|
NAV |
|
|
$9.45 |
|
Premium/(Discount) to NAV |
|
|
16.93% |
|
Market Price Distribution Yield(2) |
|
|
5.84% |
|
NAV Distribution Yield(2) |
|
|
6.83% |
|
Total Effective
Leverage(3) |
|
|
39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Return(1) for the period ended June 30, 2016 |
|
|
|
6 Month* |
|
|
1 Year |
|
|
5 Year |
|
|
10 Year |
|
|
Commencement of Operations (06/28/02) |
|
Market Price |
|
|
14.74% |
|
|
|
26.29% |
|
|
|
11.78% |
|
|
|
4.88% |
|
|
|
5.24% |
|
NAV |
|
|
9.39% |
|
|
|
18.55% |
|
|
|
13.69% |
|
|
|
4.25% |
|
|
|
4.94% |
|
All Fund returns are net of fees and expenses.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current
performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with
changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) |
Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV
or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it
should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will notify shareholders of the estimated composition of such
distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if
applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred
shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in
other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of
total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).
|
Investment Objective and Strategy
Overview
» |
|
PIMCO California Municipal Income Fund IIs primary investment objective is to seek current income exempt from federal and California income tax.
|
Fund Insights at NAV
Following are key factors impacting the Funds performance during the
reporting period:
» |
|
The Funds long-duration positioning contributed to absolute performance, as municipal bond yields moved lower. |
» |
|
An overweight to revenue-backed municipal bond securities contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
Exposure to the municipal tobacco sector contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
An overweight to the industrial revenue sector contributed to performance, as the higher-beta segment outperformed the general municipal bond market.
|
» |
|
Underweights to the transportation and education sectors detracted from performance, as they both outperformed the general municipal bond market.
|
|
|
|
|
|
|
|
|
|
12 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
|
|
PIMCO California Municipal Income Fund III
Allocation
Breakdown
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
Health, Hospital & Nursing Home Revenue |
|
|
26.4% |
|
Ad Valorem Property Tax |
|
|
16.7% |
|
College & University Revenue |
|
|
13.8% |
|
Tobacco Settlement Funded |
|
|
9.3% |
|
Electric Power & Light Revenue |
|
|
8.4% |
|
Natural Gas Revenue |
|
|
5.8% |
|
Water Revenue |
|
|
4.7% |
|
Highway Revenue Tolls |
|
|
3.4% |
|
Lease (Abatement) |
|
|
2.3% |
|
General Fund |
|
|
2.1% |
|
Special Tax |
|
|
1.9% |
|
Tax Increment/Allocation Revenue |
|
|
1.6% |
|
Sewer Revenue |
|
|
1.5% |
|
Port, Airport & Marina Revenue |
|
|
1.0% |
|
Other |
|
|
1.2% |
|
|
|
% of Investments, at value as of 06/30/2016. Financial derivative instruments, if any, are excluded.
|
Fund Information (as of June 30, 2016)(1)
|
|
|
|
|
Market Price |
|
|
$12.30 |
|
NAV |
|
|
$10.75 |
|
Premium/(Discount) to NAV |
|
|
14.42% |
|
Market Price Distribution Yield(2) |
|
|
5.85% |
|
NAV Distribution Yield(2) |
|
|
6.70% |
|
Total Effective
Leverage(3) |
|
|
39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Return(1) for the period ended June 30, 2016 |
|
|
|
6 Month* |
|
|
1 Year |
|
|
5 Year |
|
|
10 Year |
|
|
Commencement of Operations (10/31/02) |
|
Market Price |
|
|
6.47% |
|
|
|
27.58% |
|
|
|
13.71% |
|
|
|
4.58% |
|
|
|
5.63% |
|
NAV |
|
|
7.92% |
|
|
|
16.51% |
|
|
|
12.29% |
|
|
|
4.43% |
|
|
|
5.08% |
|
All Fund returns are net of
fees and expenses.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current
performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with
changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) |
Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV
or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it
should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will notify shareholders of the estimated composition of such
distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if
applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred
shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in
other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of
total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).
|
Investment Objective and Strategy
Overview
» |
|
PIMCO California Municipal Income Fund IIIs primary investment objective is to seek current income exempt from federal and California income tax.
|
Fund Insights at NAV
Following are key factors impacting the Funds performance during the
reporting period:
» |
|
The Funds long-duration positioning contributed to absolute performance, as municipal bond yields moved lower. |
» |
|
An overweight to revenue-backed municipal bond securities contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
Exposure to the municipal tobacco sector contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
Overweights to the health care and industrial revenue sectors contributed to performance, as both of these higher-beta segments outperformed the general
municipal bond market. |
» |
|
Underweights to the transportation and water and sewer utility sectors detracted from performance, as they both outperformed the general municipal bond
market. |
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
13 |
PIMCO New York Municipal Income Fund
Allocation
Breakdown
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
College & University Revenue |
|
|
14.6% |
|
Miscellaneous Revenue |
|
|
14.3% |
|
Industrial Revenue |
|
|
13.5% |
|
Tobacco Settlement Funded |
|
|
11.7% |
|
Health, Hospital & Nursing Home Revenue |
|
|
9.1% |
|
Highway Revenue Tolls |
|
|
7.2% |
|
Miscellaneous Taxes |
|
|
5.3% |
|
Water Revenue |
|
|
5.2% |
|
Electric Power & Light Revenue |
|
|
3.3% |
|
Ad Valorem Property Tax |
|
|
3.2% |
|
Income Tax Revenue |
|
|
2.8% |
|
Recreational Revenue |
|
|
2.4% |
|
Transit Revenue |
|
|
2.3% |
|
Port, Airport & Marina Revenue |
|
|
2.3% |
|
Hotel Occupancy Tax |
|
|
2.0% |
|
Other |
|
|
0.1% |
|
Short-Term Instruments |
|
|
0.7% |
|
|
|
% of Investments, at value as of 06/30/2016. Financial derivative instruments, if any, are excluded. |
Fund Information (as of June 30, 2016)(1)
|
|
|
|
|
Market Price |
|
|
$14.17 |
|
NAV |
|
|
$12.81 |
|
Premium/(Discount) to NAV |
|
|
10.62% |
|
Market Price Distribution Yield(2) |
|
|
4.83% |
|
NAV Distribution Yield(2) |
|
|
5.34% |
|
Total Effective
Leverage(3) |
|
|
37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Return(1) for the period ended June 30, 2016 |
|
|
|
6 Month* |
|
|
1 Year |
|
|
5 Year |
|
|
10 Year |
|
|
Commencement of Operations (06/29/01) |
|
Market Price |
|
|
22.35% |
|
|
|
34.44% |
|
|
|
13.41% |
|
|
|
5.84% |
|
|
|
5.99% |
|
NAV |
|
|
8.83% |
|
|
|
15.44% |
|
|
|
10.91% |
|
|
|
5.91% |
|
|
|
5.64% |
|
All Fund returns are net of
fees and expenses.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current
performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with
changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) |
Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV
or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it
should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will notify shareholders of the estimated composition of such
distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if
applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) |
Represents total effective leverage outstanding, as a
percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as
applicable (collectively Total Effective Leverage). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions.
For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued
liabilities (other than liabilities representing Total Effective Leverage). |
Investment Objective and Strategy Overview
» |
|
PIMCO New York Municipal Income Funds primary investment objective is to seek current income exempt from federal, New York State and New York City
income tax. |
Fund Insights at NAV
Following are key factors impacting the Funds performance
during the reporting period:
» |
|
The Funds long-duration positioning contributed to absolute performance, as municipal bond yields moved lower. |
» |
|
An overweight to revenue-backed municipal bond securities contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
An overweight to the industrial revenue sector contributed to performance, as the higher-beta segment outperformed the general municipal bond market.
|
» |
|
Exposure to the municipal tobacco sector contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
Underweights to the transportation and lease-backed sectors detracted from performance, as they both outperformed the general municipal bond market.
|
|
|
|
|
|
|
|
|
|
14 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
|
|
PIMCO New York Municipal Income Fund II
Allocation
Breakdown
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
College & University Revenue |
|
|
14.7% |
|
Tobacco Settlement Funded |
|
|
12.6% |
|
Industrial Revenue |
|
|
10.9% |
|
Health, Hospital & Nursing Home Revenue |
|
|
9.9% |
|
Miscellaneous Revenue |
|
|
7.7% |
|
Transit Revenue |
|
|
6.7% |
|
Income Tax Revenue |
|
|
5.6% |
|
Miscellaneous Taxes |
|
|
4.9% |
|
Lease (Abatement) |
|
|
4.8% |
|
Highway Revenue Tolls |
|
|
4.5% |
|
Water Revenue |
|
|
3.8% |
|
Recreational Revenue |
|
|
3.8% |
|
Port, Airport & Marina Revenue |
|
|
2.4% |
|
Hotel Occupancy Tax |
|
|
2.2% |
|
Ad Valorem Property Tax |
|
|
2.2% |
|
Electric Power & Light Revenue |
|
|
1.9% |
|
Other |
|
|
1.0% |
|
Short-Term Instruments |
|
|
0.4% |
|
|
|
% of Investments, at value as of 06/30/2016. Financial derivative instruments, if any, are excluded.
|
Fund Information (as of June 30, 2016)(1)
|
|
|
|
|
Market Price |
|
|
$14.39 |
|
NAV |
|
|
$11.97 |
|
Premium/(Discount) to NAV |
|
|
20.22% |
|
Market Price Distribution Yield(2) |
|
|
5.52% |
|
NAV Distribution Yield(2) |
|
|
6.64% |
|
Total Effective
Leverage(3) |
|
|
40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Return(1) for the period ended June 30, 2016 |
|
|
|
6 Month* |
|
|
1 Year |
|
|
5 Year |
|
|
10 Year |
|
|
Commencement of Operations (06/28/02) |
|
Market Price |
|
|
20.14% |
|
|
|
30.48% |
|
|
|
12.95% |
|
|
|
7.06% |
|
|
|
6.65% |
|
NAV |
|
|
8.55% |
|
|
|
14.88% |
|
|
|
11.06% |
|
|
|
5.35% |
|
|
|
5.76% |
|
All Fund returns are net of
fees and expenses.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current
performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with
changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) |
Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV
or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it
should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will notify shareholders of the estimated composition of such
distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if
applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred
shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in
other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of
total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).
|
Investment Objective and Strategy
Overview
» |
|
PIMCO New York Municipal Income Fund IIs primary investment objective is to seek current income exempt from federal, New York State and New York
City income tax. |
Fund Insights at
NAV
Following are key factors impacting the Funds performance
during the reporting period:
» |
|
The Funds long-duration positioning contributed to absolute performance, as municipal bond yields moved lower. |
» |
|
An overweight to revenue-backed municipal bond securities contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
An overweight to the industrial revenue sector contributed to performance, as the higher-beta segment outperformed the general municipal bond market.
|
» |
|
Exposure to the municipal tobacco sector contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
Underweights to the water and sewer utility and transportation sectors detracted from performance, as they both outperformed the general municipal bond
market. |
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
15 |
PIMCO New York Municipal Income Fund III
Allocation
Breakdown
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
Industrial Revenue |
|
|
14.9% |
|
Tobacco Settlement Funded |
|
|
14.6% |
|
Water Revenue |
|
|
11.4% |
|
Income Tax Revenue |
|
|
10.0% |
|
Transit Revenue |
|
|
8.2% |
|
College & University Revenue |
|
|
6.5% |
|
Ad Valorem Property Tax |
|
|
5.5% |
|
Miscellaneous Revenue |
|
|
5.2% |
|
Miscellaneous Taxes |
|
|
5.1% |
|
Health, Hospital & Nursing Home Revenue |
|
|
4.8% |
|
Highway Revenue Tolls |
|
|
4.4% |
|
Recreational Revenue |
|
|
4.0% |
|
Hotel Occupancy Tax |
|
|
2.6% |
|
Electric Power & Light Revenue |
|
|
1.8% |
|
Other |
|
|
0.9% |
|
Short-Term Instruments |
|
|
0.1% |
|
|
|
% of Investments, at value as of 06/30/2016. Financial derivative instruments, if any, are excluded.
|
Fund Information (as of June 30, 2016)(1)
|
|
|
|
|
Market Price |
|
|
$11.56 |
|
NAV |
|
|
$9.96 |
|
Premium/(Discount) to NAV |
|
|
16.06% |
|
Market Price Distribution Yield(2) |
|
|
5.45% |
|
NAV Distribution Yield(2) |
|
|
6.33% |
|
Total Effective
Leverage(3) |
|
|
39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Return(1) for the period ended June 30, 2016 |
|
|
|
6 Month* |
|
|
1 Year |
|
|
5 Year |
|
|
10 Year |
|
|
Commencement of Operations (10/31/02) |
|
Market Price |
|
|
16.02% |
|
|
|
32.55% |
|
|
|
12.74% |
|
|
|
3.81% |
|
|
|
4.65% |
|
NAV |
|
|
7.73% |
|
|
|
14.29% |
|
|
|
10.29% |
|
|
|
2.71% |
|
|
|
3.88% |
|
All Fund returns are net of
fees and expenses.
(1) |
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current
performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with
changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) |
Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV
or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it
should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will notify shareholders of the estimated composition of such
distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if
applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) |
Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred
shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in
other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of
total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).
|
Investment Objective and Strategy
Overview
» |
|
PIMCO New York Municipal Income Fund IIIs primary investment objective is to seek current income exempt from federal, New York State and New York
City income tax. |
Fund Insights at
NAV
Following are key factors impacting the Funds performance
during the reporting period:
» |
|
The Funds long-duration positioning contributed to absolute performance, as municipal bond yields moved lower. |
» |
|
An overweight to revenue-backed municipal bond securities contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
An overweight to the industrial revenue sector contributed to performance, as the higher-beta segment outperformed the general municipal bond market.
|
» |
|
Exposure to the municipal tobacco sector contributed to performance, as the segment outperformed the general municipal bond market.
|
» |
|
Underweights to the water and sewer utility and transportation sectors detracted from performance, as they both outperformed the general municipal bond
market. |
|
|
|
|
|
|
|
|
|
16 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
|
|
(THIS PAGE INTENTIONALLY LEFT BLANK)
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
17 |
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Operations |
|
|
|
|
|
Less Distributions to Common Shareholders(b) |
|
|
|
Net Asset Value Beginning of Year or Period |
|
|
Net
Investment Income(a) |
|
|
Net Realized/ Unrealized Gain (Loss) |
|
|
Distributions on Preferred Shares from Net Investment Income(b) |
|
|
Distributions on Preferred Shares from Realized Gains (Loss)(b) |
|
|
Total |
|
|
|
|
|
From Net Investment Income |
|
|
From Net Realized Capital Gain (Loss) |
|
|
Tax Basis Return of Capital |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO Municipal Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/01/2016 - 06/30/2016+ |
|
$ |
13.26 |
|
|
$ |
0.44 |
|
|
$ |
0.72 |
|
|
$ |
(0.02 |
) |
|
$ |
0.00 |
|
|
$ |
1.14 |
|
|
|
|
|
|
$ |
(0.49 |
) |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.49 |
) |
05/01/2015 -
12/31/2015(f) |
|
|
13.15 |
|
|
|
0.65 |
|
|
|
0.12 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.76 |
|
|
|
|
|
|
|
(0.65 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.65 |
)(i) |
04/30/2015 |
|
|
12.57 |
|
|
|
0.93 |
|
|
|
0.64 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
1.56 |
|
|
|
|
|
|
|
(0.98 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.98 |
) |
04/30/2014 |
|
|
13.75 |
|
|
|
0.94 |
|
|
|
(1.13 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
(0.20 |
) |
|
|
|
|
|
|
(0.98 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.98 |
) |
04/30/2013 |
|
|
12.93 |
|
|
|
0.95 |
|
|
|
0.87 |
|
|
|
(0.02 |
) |
|
|
0.00 |
|
|
|
1.80 |
|
|
|
|
|
|
|
(0.98 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.98 |
) |
04/30/2012 |
|
|
10.72 |
|
|
|
1.01 |
|
|
|
2.20 |
|
|
|
(0.02 |
) |
|
|
0.00 |
|
|
|
3.19 |
|
|
|
|
|
|
|
(0.98 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.98 |
) |
04/30/2011 |
|
|
11.76 |
|
|
|
1.07 |
|
|
|
(1.10 |
) |
|
|
(0.03 |
) |
|
|
0.00 |
|
|
|
(0.06 |
) |
|
|
|
|
|
|
(0.98 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.98 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO Municipal Income Fund II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/01/2016 - 06/30/2016+ |
|
$ |
12.39 |
|
|
$ |
0.39 |
|
|
$ |
0.64 |
|
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
1.02 |
|
|
|
|
|
|
$ |
(0.39 |
) |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.39 |
) |
06/01/2015
- 12/31/2015(g) |
|
|
12.11 |
|
|
|
0.47 |
|
|
|
0.28 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.74 |
|
|
|
|
|
|
|
(0.46 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.46 |
)(i) |
05/31/2015 |
|
|
11.94 |
|
|
|
0.81 |
|
|
|
0.15 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.95 |
|
|
|
|
|
|
|
(0.78 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.78 |
) |
05/31/2014 |
|
|
12.17 |
|
|
|
0.81 |
|
|
|
(0.25 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.55 |
|
|
|
|
|
|
|
(0.78 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.78 |
) |
05/31/2013 |
|
|
11.91 |
|
|
|
0.82 |
|
|
|
0.23 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
1.04 |
|
|
|
|
|
|
|
(0.78 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.78 |
) |
05/31/2012 |
|
|
10.12 |
|
|
|
0.88 |
|
|
|
1.70 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
2.57 |
|
|
|
|
|
|
|
(0.78 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.78 |
) |
05/31/2011 |
|
|
10.77 |
|
|
|
0.91 |
|
|
|
(0.75 |
) |
|
|
(0.03 |
) |
|
|
0.00 |
|
|
|
0.13 |
|
|
|
|
|
|
|
(0.78 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.78 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO Municipal Income Fund III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/01/2016 - 06/30/2016+ |
|
$ |
11.13 |
|
|
$ |
0.38 |
|
|
$ |
0.67 |
|
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
1.04 |
|
|
|
|
|
|
$ |
(0.37 |
) |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.37 |
) |
10/01/2015
- 12/31/2015(h) |
|
|
10.88 |
|
|
|
0.20 |
|
|
|
0.24 |
|
|
|
(0.00 |
)^ |
|
|
0.00 |
|
|
|
0.44 |
|
|
|
|
|
|
|
(0.19 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.19 |
)(i) |
09/30/2015 |
|
|
10.78 |
|
|
|
0.78 |
|
|
|
0.08 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.85 |
|
|
|
|
|
|
|
(0.75 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.75 |
) |
09/30/2014 |
|
|
9.58 |
|
|
|
0.75 |
|
|
|
1.25 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
1.99 |
|
|
|
|
|
|
|
(0.79 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.79 |
) |
09/30/2013 |
|
|
11.02 |
|
|
|
0.75 |
|
|
|
(1.34 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
(0.60 |
) |
|
|
|
|
|
|
(0.84 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.84 |
) |
09/30/2012 |
|
|
9.69 |
|
|
|
0.83 |
|
|
|
1.35 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
2.17 |
|
|
|
|
|
|
|
(0.84 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.84 |
) |
09/30/2011 |
|
|
10.29 |
|
|
|
0.87 |
|
|
|
(0.61 |
) |
|
|
(0.02 |
) |
|
|
0.00 |
|
|
|
0.24 |
|
|
|
|
|
|
|
(0.84 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.84 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/01/2016 - 06/30/2016+ |
|
$ |
14.61 |
|
|
$ |
0.47 |
|
|
$ |
0.67 |
|
|
$ |
(0.02 |
) |
|
$ |
0.00 |
|
|
$ |
1.12 |
|
|
|
|
|
|
$ |
(0.46 |
) |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.46 |
) |
05/01/2015 -
12/31/2015(f) |
|
|
14.33 |
|
|
|
0.65 |
|
|
|
0.26 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.90 |
|
|
|
|
|
|
|
(0.62 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.62 |
)(i) |
04/30/2015 |
|
|
13.77 |
|
|
|
0.95 |
|
|
|
0.54 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
1.48 |
|
|
|
|
|
|
|
(0.92 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.92 |
) |
04/30/2014 |
|
|
14.71 |
|
|
|
0.99 |
|
|
|
(1.00 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
(0.02 |
) |
|
|
|
|
|
|
(0.92 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.92 |
) |
04/30/2013 |
|
|
13.75 |
|
|
|
1.02 |
|
|
|
0.88 |
|
|
|
(0.02 |
) |
|
|
0.00 |
|
|
|
1.88 |
|
|
|
|
|
|
|
(0.92 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.92 |
) |
04/30/2012 |
|
|
11.32 |
|
|
|
1.08 |
|
|
|
2.29 |
|
|
|
(0.02 |
) |
|
|
0.00 |
|
|
|
3.35 |
|
|
|
|
|
|
|
(0.92 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.92 |
) |
04/30/2011 |
|
|
12.84 |
|
|
|
1.12 |
|
|
|
(1.69 |
) |
|
|
(0.03 |
) |
|
|
0.00 |
|
|
|
(0.60 |
) |
|
|
|
|
|
|
(0.92 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.92 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO California Municipal Income Fund II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/01/2016 - 06/30/2016+ |
|
$ |
8.95 |
|
|
$ |
0.30 |
|
|
$ |
0.53 |
|
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
0.82 |
|
|
|
|
|
|
$ |
(0.32 |
) |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.32 |
) |
06/01/2015
- 12/31/2015(g) |
|
|
8.69 |
|
|
|
0.38 |
|
|
|
0.27 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.64 |
|
|
|
|
|
|
|
(0.38 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.38 |
)(i) |
05/31/2015 |
|
|
8.61 |
|
|
|
0.66 |
|
|
|
0.08 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.73 |
|
|
|
|
|
|
|
(0.65 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.65 |
) |
05/31/2014 |
|
|
8.93 |
|
|
|
0.68 |
|
|
|
(0.26 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.41 |
|
|
|
|
|
|
|
(0.66 |
) |
|
|
0.00 |
|
|
|
(0.07 |
) |
|
|
(0.73 |
) |
05/31/2013 |
|
|
8.65 |
|
|
|
0.69 |
|
|
|
0.35 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
1.03 |
|
|
|
|
|
|
|
(0.68 |
) |
|
|
0.00 |
|
|
|
(0.07 |
) |
|
|
(0.75 |
) |
05/31/2012 |
|
|
7.38 |
|
|
|
0.71 |
|
|
|
1.32 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
2.02 |
|
|
|
|
|
|
|
(0.70 |
) |
|
|
0.00 |
|
|
|
(0.05 |
) |
|
|
(0.75 |
) |
05/31/2011 |
|
|
8.11 |
|
|
|
0.74 |
|
|
|
(0.70 |
) |
|
|
(0.02 |
) |
|
|
0.00 |
|
|
|
0.02 |
|
|
|
|
|
|
|
(0.75 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO California Municipal Income Fund III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/01/2016 - 06/30/2016+ |
|
$ |
10.31 |
|
|
$ |
0.32 |
|
|
$ |
0.49 |
|
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
0.80 |
|
|
|
|
|
|
$ |
(0.36 |
) |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.36 |
) |
10/01/2015
- 12/31/2015(h) |
|
|
10.08 |
|
|
|
0.17 |
|
|
|
0.24 |
|
|
|
(0.00 |
)^ |
|
|
0.00 |
|
|
|
0.41 |
|
|
|
|
|
|
|
(0.18 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.18 |
)(i) |
09/30/2015 |
|
|
10.02 |
|
|
|
0.68 |
|
|
|
0.11 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.78 |
|
|
|
|
|
|
|
(0.72 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.72 |
) |
09/30/2014 |
|
|
9.09 |
|
|
|
0.69 |
|
|
|
0.97 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
1.65 |
|
|
|
|
|
|
|
(0.72 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.72 |
) |
09/30/2013 |
|
|
10.23 |
|
|
|
0.79 |
|
|
|
(1.20 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
(0.42 |
) |
|
|
|
|
|
|
(0.72 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.72 |
) |
09/30/2012 |
|
|
9.08 |
|
|
|
0.81 |
|
|
|
1.07 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
1.87 |
|
|
|
|
|
|
|
(0.72 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.72 |
) |
09/30/2011 |
|
|
9.65 |
|
|
|
0.77 |
|
|
|
(0.60 |
) |
|
|
(0.02 |
) |
|
|
0.00 |
|
|
|
0.15 |
|
|
|
|
|
|
|
(0.72 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.72 |
) |
|
|
|
|
|
|
|
|
|
18 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share |
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
Net Assets Value End of Year or Period |
|
|
Market Price End of Year or Period |
|
|
Total Investment Return(c)
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders (000s) |
|
|
Expenses(d)(e) |
|
|
Expenses Excluding Waivers(d)(e)
|
|
|
Expenses Excluding Interest Expense(d) |
|
|
Expenses Excluding Interest Expense and Waivers(d) |
|
|
Net Investment Income(d)
|
|
|
Preferred Shares Asset Coverage Per Share |
|
|
Portfolio Turnover Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13.91 |
|
|
$ |
17.23 |
|
|
|
15.09 |
% |
|
|
|
|
|
$ |
355,476 |
|
|
|
1.27 |
%* |
|
|
1.27 |
%* |
|
|
1.23 |
%* |
|
|
1.23 |
%* |
|
|
6.71 |
%* |
|
$ |
71,770 |
|
|
|
3 |
% |
|
13.26 |
|
|
|
15.45 |
|
|
|
5.27 |
|
|
|
|
|
|
|
338,342 |
|
|
|
1.22 |
* |
|
|
1.22 |
* |
|
|
1.21 |
* |
|
|
1.21 |
* |
|
|
7.42 |
* |
|
|
69,516 |
|
|
|
15 |
|
|
13.15 |
|
|
|
15.38 |
|
|
|
21.47 |
|
|
|
|
|
|
|
334,775 |
|
|
|
1.25 |
|
|
|
1.25 |
|
|
|
1.22 |
|
|
|
1.22 |
|
|
|
7.12 |
|
|
|
69,049 |
|
|
|
9 |
|
|
12.57 |
|
|
|
13.58 |
|
|
|
(8.45 |
) |
|
|
|
|
|
|
319,155 |
|
|
|
1.30 |
|
|
|
1.30 |
|
|
|
1.27 |
|
|
|
1.27 |
|
|
|
7.74 |
|
|
|
66,993 |
|
|
|
15 |
|
|
13.75 |
|
|
|
16.05 |
|
|
|
11.96 |
|
|
|
|
|
|
|
348,162 |
|
|
|
1.22 |
|
|
|
1.23 |
|
|
|
1.19 |
|
|
|
1.20 |
|
|
|
6.99 |
|
|
|
70,809 |
|
|
|
9 |
|
|
12.93 |
|
|
|
15.28 |
|
|
|
27.20 |
|
|
|
|
|
|
|
326,741 |
|
|
|
1.28 |
|
|
|
1.35 |
|
|
|
1.22 |
|
|
|
1.29 |
|
|
|
8.42 |
|
|
|
67,990 |
|
|
|
18 |
|
|
10.72 |
|
|
|
12.92 |
|
|
|
1.54 |
|
|
|
|
|
|
|
269,916 |
|
|
|
1.44 |
|
|
|
1.44 |
|
|
|
1.34 |
|
|
|
1.34 |
|
|
|
9.43 |
|
|
|
60,514 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13.02 |
|
|
$ |
13.96 |
|
|
|
15.05 |
% |
|
|
|
|
|
$ |
800,390 |
|
|
|
1.16 |
%* |
|
|
1.16 |
%* |
|
|
1.11 |
%* |
|
|
1.11 |
%* |
|
|
6.24 |
%* |
|
$ |
79,519 |
|
|
|
0 |
% |
|
12.39 |
|
|
|
12.51 |
|
|
|
6.56 |
|
|
|
|
|
|
|
760,212 |
|
|
|
1.11 |
* |
|
|
1.11 |
* |
|
|
1.10 |
* |
|
|
1.10 |
* |
|
|
6.57 |
* |
|
|
76,782 |
|
|
|
10 |
|
|
12.11 |
|
|
|
12.19 |
|
|
|
6.15 |
|
|
|
|
|
|
|
742,133 |
|
|
|
1.16 |
|
|
|
1.16 |
|
|
|
1.11 |
|
|
|
1.11 |
|
|
|
6.65 |
|
|
|
75,553 |
|
|
|
10 |
|
|
11.94 |
|
|
|
12.25 |
|
|
|
7.76 |
|
|
|
|
|
|
|
730,088 |
|
|
|
1.21 |
|
|
|
1.21 |
|
|
|
1.16 |
|
|
|
1.16 |
|
|
|
7.22 |
|
|
|
74,733 |
|
|
|
16 |
|
|
12.17 |
|
|
|
12.19 |
|
|
|
3.41 |
|
|
|
|
|
|
|
741,368 |
|
|
|
1.16 |
|
|
|
1.17 |
|
|
|
1.11 |
|
|
|
1.12 |
|
|
|
6.74 |
|
|
|
75,501 |
|
|
|
16 |
|
|
11.91 |
|
|
|
12.54 |
|
|
|
28.70 |
|
|
|
|
|
|
|
722,161 |
|
|
|
1.19 |
|
|
|
1.26 |
|
|
|
1.11 |
|
|
|
1.18 |
|
|
|
8.04 |
|
|
|
74,192 |
|
|
|
26 |
|
|
10.12 |
|
|
|
10.45 |
|
|
|
1.30 |
|
|
|
|
|
|
|
610,800 |
|
|
|
1.37 |
|
|
|
1.37 |
|
|
|
1.24 |
|
|
|
1.24 |
|
|
|
8.80 |
|
|
|
66,606 |
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11.80 |
|
|
$ |
12.88 |
|
|
|
15.52 |
% |
|
|
|
|
|
$ |
386,114 |
|
|
|
1.26 |
%* |
|
|
1.26 |
%* |
|
|
1.17 |
%* |
|
|
1.17 |
%* |
|
|
6.76 |
%* |
|
$ |
76,070 |
|
|
|
1 |
% |
|
11.13 |
|
|
|
11.51 |
|
|
|
6.70 |
|
|
|
|
|
|
|
363,382 |
|
|
|
1.19 |
* |
|
|
1.19 |
* |
|
|
1.17 |
* |
|
|
1.17 |
* |
|
|
7.09 |
* |
|
|
73,123 |
|
|
|
2 |
|
|
10.88 |
|
|
|
10.97 |
|
|
|
9.65 |
|
|
|
|
|
|
|
355,368 |
|
|
|
1.23 |
|
|
|
1.23 |
|
|
|
1.17 |
|
|
|
1.17 |
|
|
|
7.14 |
|
|
|
72,006 |
|
|
|
5 |
|
|
10.78 |
|
|
|
10.71 |
|
|
|
10.69 |
|
|
|
|
|
|
|
351,139 |
|
|
|
1.29 |
|
|
|
1.29 |
|
|
|
1.23 |
|
|
|
1.23 |
|
|
|
7.47 |
|
|
|
71,447 |
|
|
|
15 |
|
|
9.58 |
|
|
|
10.45 |
|
|
|
(15.39 |
) |
|
|
|
|
|
|
311,231 |
|
|
|
1.27 |
|
|
|
1.27 |
|
|
|
1.20 |
|
|
|
1.20 |
|
|
|
7.04 |
|
|
|
66,168 |
|
|
|
20 |
|
|
11.02 |
|
|
|
13.31 |
|
|
|
33.20 |
|
|
|
|
|
|
|
357,139 |
|
|
|
1.27 |
|
|
|
1.33 |
|
|
|
1.17 |
|
|
|
1.23 |
|
|
|
8.00 |
|
|
|
72,239 |
|
|
|
25 |
|
|
9.69 |
|
|
|
10.75 |
|
|
|
2.01 |
|
|
|
|
|
|
|
313,021 |
|
|
|
1.44 |
|
|
|
1.46 |
|
|
|
1.28 |
|
|
|
1.30 |
|
|
|
9.39 |
|
|
|
66,404 |
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15.27 |
|
|
$ |
16.93 |
|
|
|
11.05 |
% |
|
|
|
|
|
$ |
285,057 |
|
|
|
1.33 |
%* |
|
|
1.33 |
%* |
|
|
1.22 |
%* |
|
|
1.22 |
%* |
|
|
6.45 |
%* |
|
$ |
72,507 |
|
|
|
1 |
% |
|
14.61 |
|
|
|
15.70 |
|
|
|
4.60 |
|
|
|
|
|
|
|
272,345 |
|
|
|
1.24 |
* |
|
|
1.24 |
* |
|
|
1.21 |
* |
|
|
1.21 |
* |
|
|
6.76 |
* |
|
|
70,388 |
|
|
|
13 |
|
|
14.33 |
|
|
|
15.66 |
|
|
|
16.08 |
|
|
|
|
|
|
|
266,838 |
|
|
|
1.32 |
|
|
|
1.32 |
|
|
|
1.22 |
|
|
|
1.22 |
|
|
|
6.67 |
|
|
|
69,473 |
|
|
|
11 |
|
|
13.77 |
|
|
|
14.38 |
|
|
|
0.61 |
|
|
|
|
|
|
|
255,751 |
|
|
|
1.36 |
|
|
|
1.36 |
|
|
|
1.27 |
|
|
|
1.27 |
|
|
|
7.55 |
|
|
|
67,624 |
|
|
|
21 |
|
|
14.71 |
|
|
|
15.33 |
|
|
|
9.96 |
|
|
|
|
|
|
|
272,398 |
|
|
|
1.30 |
|
|
|
1.31 |
|
|
|
1.21 |
|
|
|
1.22 |
|
|
|
7.17 |
|
|
|
70,398 |
|
|
|
12 |
|
|
13.75 |
|
|
|
14.83 |
|
|
|
32.94 |
|
|
|
|
|
|
|
253,870 |
|
|
|
1.36 |
|
|
|
1.43 |
|
|
|
1.25 |
|
|
|
1.32 |
|
|
|
8.63 |
|
|
|
67,310 |
|
|
|
9 |
|
|
11.32 |
|
|
|
11.99 |
|
|
|
(2.79 |
) |
|
|
|
|
|
|
208,147 |
|
|
|
1.48 |
|
|
|
1.48 |
|
|
|
1.34 |
|
|
|
1.34 |
|
|
|
9.21 |
|
|
|
59,689 |
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9.45 |
|
|
$ |
11.05 |
|
|
|
14.74 |
% |
|
|
|
|
|
$ |
301,197 |
|
|
|
1.34 |
%* |
|
|
1.34 |
%* |
|
|
1.24 |
%* |
|
|
1.24 |
%* |
|
|
6.77 |
%* |
|
$ |
71,193 |
|
|
|
7 |
% |
|
8.95 |
|
|
|
9.94 |
|
|
|
6.19 |
|
|
|
|
|
|
|
285,097 |
|
|
|
1.25 |
* |
|
|
1.25 |
* |
|
|
1.23 |
* |
|
|
1.23 |
* |
|
|
7.42 |
* |
|
|
68,724 |
|
|
|
10 |
|
|
8.69 |
|
|
|
9.75 |
|
|
|
9.85 |
|
|
|
|
|
|
|
276,525 |
|
|
|
1.32 |
|
|
|
1.32 |
|
|
|
1.21 |
|
|
|
1.21 |
|
|
|
7.48 |
|
|
|
67,411 |
|
|
|
12 |
|
|
8.61 |
|
|
|
9.52 |
|
|
|
(1.76 |
) |
|
|
|
|
|
|
273,289 |
|
|
|
1.41 |
|
|
|
1.41 |
|
|
|
1.30 |
|
|
|
1.30 |
|
|
|
8.51 |
|
|
|
66,915 |
|
|
|
14 |
|
|
8.93 |
|
|
|
10.51 |
|
|
|
11.41 |
|
|
|
|
|
|
|
282,181 |
|
|
|
1.34 |
|
|
|
1.35 |
|
|
|
1.23 |
|
|
|
1.24 |
|
|
|
7.65 |
|
|
|
68,279 |
|
|
|
13 |
|
|
8.65 |
|
|
|
10.15 |
|
|
|
19.59 |
|
|
|
|
|
|
|
272,570 |
|
|
|
1.44 |
|
|
|
1.52 |
|
|
|
1.24 |
|
|
|
1.32 |
|
|
|
8.99 |
|
|
|
66,804 |
|
|
|
25 |
|
|
7.38 |
|
|
|
9.21 |
|
|
|
7.53 |
|
|
|
|
|
|
|
231,486 |
|
|
|
1.55 |
|
|
|
1.55 |
|
|
|
1.37 |
|
|
|
1.37 |
|
|
|
9.73 |
|
|
|
60,503 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.75 |
|
|
$ |
12.30 |
|
|
|
6.47 |
% |
|
|
|
|
|
$ |
238,195 |
|
|
|
1.35 |
%* |
|
|
1.35 |
%* |
|
|
1.21 |
%* |
|
|
1.21 |
%* |
|
|
6.25 |
%* |
|
$ |
72,635 |
|
|
|
3 |
% |
|
10.31 |
|
|
|
11.92 |
|
|
|
10.76 |
|
|
|
|
|
|
|
228,221 |
|
|
|
1.25 |
* |
|
|
1.25 |
* |
|
|
1.21 |
* |
|
|
1.21 |
* |
|
|
6.44 |
* |
|
|
70,641 |
|
|
|
2 |
|
|
10.08 |
|
|
|
10.94 |
|
|
|
12.80 |
|
|
|
|
|
|
|
223,030 |
|
|
|
1.30 |
|
|
|
1.30 |
|
|
|
1.21 |
|
|
|
1.21 |
|
|
|
6.68 |
|
|
|
69,605 |
|
|
|
24 |
|
|
10.02 |
|
|
|
10.40 |
|
|
|
19.73 |
|
|
|
|
|
|
|
221,415 |
|
|
|
1.37 |
|
|
|
1.37 |
|
|
|
1.26 |
|
|
|
1.26 |
|
|
|
7.29 |
|
|
|
69,282 |
|
|
|
11 |
|
|
9.09 |
|
|
|
9.36 |
|
|
|
(13.98 |
) |
|
|
|
|
|
|
200,245 |
|
|
|
1.35 |
|
|
|
1.35 |
|
|
|
1.25 |
|
|
|
1.25 |
|
|
|
7.93 |
|
|
|
65,409 |
|
|
|
25 |
|
|
10.23 |
|
|
|
11.68 |
|
|
|
31.62 |
|
|
|
|
|
|
|
224,596 |
|
|
|
1.34 |
|
|
|
1.40 |
|
|
|
1.20 |
|
|
|
1.26 |
|
|
|
8.40 |
|
|
|
69,918 |
|
|
|
10 |
|
|
9.08 |
|
|
|
9.53 |
|
|
|
(0.47 |
) |
|
|
|
|
|
|
198,748 |
|
|
|
1.48 |
|
|
|
1.50 |
|
|
|
1.32 |
|
|
|
1.34 |
|
|
|
9.01 |
|
|
|
64,749 |
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
19 |
Financial Highlights (Cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Operations |
|
|
|
|
|
Less Distributions to Common Shareholders(b) |
|
|
|
Net Asset Value Beginning of Year or Period |
|
|
Net
Investment Income(a) |
|
|
Net Realized/ Unrealized Gain (Loss) |
|
|
Distributions on Preferred Shares from Net Investment Income(b) |
|
|
Distributions on Preferred Shares from Realized Gains (Loss)(b) |
|
|
Total |
|
|
|
|
|
From Net Investment Income |
|
|
From Net Realized Capital Gain (Loss) |
|
|
Tax Basis Return of Capital |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO New York Municipal Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/01/2016 - 06/30/2016+ |
|
$ |
12.10 |
|
|
$ |
0.33 |
|
|
$ |
0.73 |
|
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
1.05 |
|
|
|
|
|
|
$ |
(0.34 |
) |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.34 |
) |
05/01/2015 -
12/31/2015(f) |
|
|
11.92 |
|
|
|
0.47 |
|
|
|
0.18 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.64 |
|
|
|
|
|
|
|
(0.46 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.46 |
)(i) |
04/30/2015 |
|
|
11.20 |
|
|
|
0.68 |
|
|
|
0.73 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
1.40 |
|
|
|
|
|
|
|
(0.68 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.68 |
) |
04/30/2014 |
|
|
12.04 |
|
|
|
0.67 |
|
|
|
(0.82 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
(0.16 |
) |
|
|
|
|
|
|
(0.68 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.68 |
) |
04/30/2013 |
|
|
11.38 |
|
|
|
0.70 |
|
|
|
0.66 |
|
|
|
(0.02 |
) |
|
|
0.00 |
|
|
|
1.34 |
|
|
|
|
|
|
|
(0.68 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.68 |
) |
04/30/2012 |
|
|
9.92 |
|
|
|
0.74 |
|
|
|
1.41 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
2.14 |
|
|
|
|
|
|
|
(0.68 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.68 |
) |
04/30/2011 |
|
|
10.67 |
|
|
|
0.80 |
|
|
|
(0.84 |
) |
|
|
(0.03 |
) |
|
|
0.00 |
|
|
|
(0.07 |
) |
|
|
|
|
|
|
(0.68 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.68 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO New York Municipal Income Fund II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/01/2016 - 06/30/2016+ |
|
$ |
11.41 |
|
|
$ |
0.35 |
|
|
$ |
0.63 |
|
|
$ |
(0.02 |
) |
|
$ |
0.00 |
|
|
$ |
0.96 |
|
|
|
|
|
|
$ |
(0.40 |
) |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.40 |
) |
06/01/2015 -
12/31/2015(g) |
|
|
11.28 |
|
|
|
0.43 |
|
|
|
0.17 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.59 |
|
|
|
|
|
|
|
(0.46 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.46 |
)(i) |
05/31/2015 |
|
|
10.98 |
|
|
|
0.75 |
|
|
|
0.36 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
1.10 |
|
|
|
|
|
|
|
(0.80 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.80 |
) |
05/31/2014 |
|
|
11.32 |
|
|
|
0.75 |
|
|
|
(0.28 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.46 |
|
|
|
|
|
|
|
(0.80 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.80 |
) |
05/31/2013 |
|
|
11.37 |
|
|
|
0.79 |
|
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
0.00 |
|
|
|
0.75 |
|
|
|
|
|
|
|
(0.80 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.80 |
) |
05/31/2012 |
|
|
10.10 |
|
|
|
0.85 |
|
|
|
1.24 |
|
|
|
(0.02 |
) |
|
|
0.00 |
|
|
|
2.07 |
|
|
|
|
|
|
|
(0.80 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.80 |
) |
05/31/2011 |
|
|
10.90 |
|
|
|
0.88 |
|
|
|
(0.85 |
) |
|
|
(0.03 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
|
|
|
|
(0.80 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.80 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/01/2016 - 06/30/2016+ |
|
$ |
9.55 |
|
|
$ |
0.27 |
|
|
$ |
0.47 |
|
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
0.73 |
|
|
|
|
|
|
$ |
(0.32 |
) |
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.32 |
) |
10/01/2015 -
12/31/2015(h) |
|
|
9.42 |
|
|
|
0.14 |
|
|
|
0.15 |
|
|
|
(0.00 |
)^ |
|
|
0.00 |
|
|
|
0.29 |
|
|
|
|
|
|
|
(0.16 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.16 |
)(i) |
09/30/2015 |
|
|
9.43 |
|
|
|
0.57 |
|
|
|
0.06 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
0.62 |
|
|
|
|
|
|
|
(0.63 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.63 |
) |
09/30/2014 |
|
|
8.51 |
|
|
|
0.56 |
|
|
|
1.00 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
1.55 |
|
|
|
|
|
|
|
(0.63 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.63 |
) |
09/30/2013 |
|
|
9.65 |
|
|
|
0.62 |
|
|
|
(1.12 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
(0.51 |
) |
|
|
|
|
|
|
(0.63 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.63 |
) |
09/30/2012 |
|
|
8.82 |
|
|
|
0.77 |
|
|
|
0.70 |
|
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
1.46 |
|
|
|
|
|
|
|
(0.63 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.63 |
) |
09/30/2011 |
|
|
9.38 |
|
|
|
0.69 |
|
|
|
(0.60 |
) |
|
|
(0.02 |
) |
|
|
0.00 |
|
|
|
0.07 |
|
|
|
|
|
|
|
(0.63 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
(0.63 |
) |
|
Reflects an amount rounding to less than one percent. |
^ |
Reflects an amount rounding to less than one cent. |
(a) |
Per share amounts based on average number of common shares outstanding during the year or period. |
(b) |
The tax characterization of distributions is determined in accordance with federal income tax regulations. The actual tax characterization
of distributions paid are determined at the end of the fiscal year. See Note 2(b) in the Notes to Financial Statements for more information. |
(c) |
Total investment return is calculated assuming a purchase of a common share at the market price on the first day and a sale of a common
share at the market price on the last day of each year or period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds dividend reinvestment plan.
Total investment return does not reflect brokerage commissions in connection with the purchase or sale of Fund shares. |
(d) |
Calculated on the basis of income and expenses applicable to
both common and preferred shares relative to the average net assets of common shareholders. |
(e) |
Interest expense primarily relates to participation in borrowing and financing transactions. See Note 5 in the Notes to Financial
Statements for more information. |
(f) |
Fiscal year end changed from April 30th to December 31st. |
(g) |
Fiscal year end changed from May 31st to December 31st. |
(h) |
Fiscal year end changed from September 30th to December 31st. |
(i) |
Total distributions for the period ended December 31, 2015 may
be lower than prior fiscal years due to fiscal year end changes resulting in a reduction of the amount of days in the period ended December 31, 2015. |
|
|
|
|
|
|
|
|
|
20 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share |
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
Net Assets Value End of Year or Period |
|
|
Market Price End of Year or Period |
|
|
Total Investment Return(c)
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders (000s) |
|
|
Expenses(d)(e) |
|
|
Expenses Excluding Waivers(d)(e)
|
|
|
Expenses Excluding Interest Expense(d) |
|
|
Expenses Excluding Interest Expense and Waivers(d) |
|
|
Net Investment Income(d)
|
|
|
Preferred Shares Asset Coverage Per Share |
|
|
Portfolio Turnover Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12.81 |
|
|
$ |
14.17 |
|
|
|
22.35 |
% |
|
|
|
|
|
$ |
98,889 |
|
|
|
1.40 |
%* |
|
|
1.40 |
%* |
|
|
1.30 |
%* |
|
|
1.30 |
%* |
|
|
5.51 |
%* |
|
$ |
77,598 |
|
|
|
3 |
% |
|
12.10 |
|
|
|
11.90 |
|
|
|
7.23 |
|
|
|
|
|
|
|
93,205 |
|
|
|
1.27 |
* |
|
|
1.27 |
* |
|
|
1.26 |
* |
|
|
1.26 |
* |
|
|
5.82 |
* |
|
|
74,574 |
|
|
|
5 |
|
|
11.92 |
|
|
|
11.54 |
|
|
|
7.72 |
|
|
|
|
|
|
|
91,832 |
|
|
|
1.39 |
|
|
|
1.39 |
|
|
|
1.31 |
|
|
|
1.31 |
|
|
|
5.78 |
|
|
|
73,847 |
|
|
|
1 |
|
|
11.20 |
|
|
|
11.36 |
|
|
|
(3.21 |
) |
|
|
|
|
|
|
86,211 |
|
|
|
1.46 |
|
|
|
1.46 |
|
|
|
1.40 |
|
|
|
1.40 |
|
|
|
6.28 |
|
|
|
70,857 |
|
|
|
10 |
|
|
12.04 |
|
|
|
12.52 |
|
|
|
12.96 |
|
|
|
|
|
|
|
92,509 |
|
|
|
1.36 |
|
|
|
1.37 |
|
|
|
1.30 |
|
|
|
1.31 |
|
|
|
5.89 |
|
|
|
74,203 |
|
|
|
16 |
|
|
11.38 |
|
|
|
11.73 |
|
|
|
26.36 |
|
|
|
|
|
|
|
87,126 |
|
|
|
1.37 |
|
|
|
1.44 |
|
|
|
1.31 |
|
|
|
1.38 |
|
|
|
7.00 |
|
|
|
71,341 |
|
|
|
21 |
|
|
9.92 |
|
|
|
9.89 |
|
|
|
(5.57 |
) |
|
|
|
|
|
|
75,728 |
|
|
|
1.51 |
|
|
|
1.51 |
|
|
|
1.42 |
|
|
|
1.42 |
|
|
|
7.70 |
|
|
|
65,279 |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11.97 |
|
|
$ |
14.39 |
|
|
|
20.14 |
% |
|
|
|
|
|
$ |
132,577 |
|
|
|
1.43 |
%* |
|
|
1.43 |
%* |
|
|
1.35 |
%* |
|
|
1.35 |
%* |
|
|
6.09 |
%* |
|
$ |
66,952 |
|
|
|
4 |
% |
|
11.41 |
|
|
|
12.35 |
|
|
|
4.36 |
|
|
|
|
|
|
|
126,085 |
|
|
|
1.35 |
* |
|
|
1.35 |
* |
|
|
1.33 |
* |
|
|
1.33 |
* |
|
|
6.48 |
* |
|
|
64,898 |
|
|
|
7 |
|
|
11.28 |
|
|
|
12.32 |
|
|
|
9.89 |
|
|
|
|
|
|
|
124,424 |
|
|
|
1.40 |
|
|
|
1.40 |
|
|
|
1.33 |
|
|
|
1.33 |
|
|
|
6.65 |
|
|
|
64,373 |
|
|
|
7 |
|
|
10.98 |
|
|
|
12.01 |
|
|
|
7.83 |
|
|
|
|
|
|
|
120,520 |
|
|
|
1.51 |
|
|
|
1.51 |
|
|
|
1.45 |
|
|
|
1.45 |
|
|
|
7.30 |
|
|
|
63,139 |
|
|
|
5 |
|
|
11.32 |
|
|
|
12.01 |
|
|
|
4.14 |
|
|
|
|
|
|
|
123,685 |
|
|
|
1.42 |
|
|
|
1.43 |
|
|
|
1.33 |
|
|
|
1.34 |
|
|
|
6.78 |
|
|
|
64,140 |
|
|
|
25 |
|
|
11.37 |
|
|
|
12.29 |
|
|
|
20.97 |
|
|
|
|
|
|
|
123,667 |
|
|
|
1.45 |
|
|
|
1.53 |
|
|
|
1.36 |
|
|
|
1.44 |
|
|
|
7.86 |
|
|
|
64,135 |
|
|
|
18 |
|
|
10.10 |
|
|
|
10.92 |
|
|
|
3.03 |
|
|
|
|
|
|
|
109,256 |
|
|
|
1.55 |
|
|
|
1.55 |
|
|
|
1.44 |
|
|
|
1.44 |
|
|
|
8.46 |
|
|
|
59,574 |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9.96 |
|
|
$ |
11.56 |
|
|
|
16.02 |
% |
|
|
|
|
|
$ |
56,654 |
|
|
|
1.59 |
%* |
|
|
1.59 |
%* |
|
|
1.49 |
%* |
|
|
1.49 |
%* |
|
|
5.71 |
%* |
|
$ |
69,258 |
|
|
|
4 |
% |
|
9.55 |
|
|
|
10.27 |
|
|
|
5.75 |
|
|
|
|
|
|
|
54,247 |
|
|
|
1.55 |
* |
|
|
1.55 |
* |
|
|
1.53 |
* |
|
|
1.53 |
* |
|
|
5.87 |
* |
|
|
67,378 |
|
|
|
0 |
|
|
9.42 |
|
|
|
9.87 |
|
|
|
11.09 |
|
|
|
|
|
|
|
53,548 |
|
|
|
1.55 |
|
|
|
1.55 |
|
|
|
1.49 |
|
|
|
1.49 |
|
|
|
6.04 |
|
|
|
66,764 |
|
|
|
13 |
|
|
9.43 |
|
|
|
9.49 |
|
|
|
9.47 |
|
|
|
|
|
|
|
53,369 |
|
|
|
1.66 |
|
|
|
1.66 |
|
|
|
1.60 |
|
|
|
1.60 |
|
|
|
6.31 |
|
|
|
66,695 |
|
|
|
24 |
|
|
8.51 |
|
|
|
9.30 |
|
|
|
(6.83 |
) |
|
|
|
|
|
|
48,007 |
|
|
|
1.65 |
|
|
|
1.65 |
|
|
|
1.56 |
|
|
|
1.56 |
|
|
|
6.72 |
|
|
|
62,505 |
|
|
|
17 |
|
|
9.65 |
|
|
|
10.66 |
|
|
|
26.56 |
|
|
|
|
|
|
|
54,327 |
|
|
|
1.64 |
|
|
|
1.70 |
|
|
|
1.50 |
|
|
|
1.56 |
|
|
|
8.42 |
|
|
|
67,441 |
|
|
|
16 |
|
|
8.82 |
|
|
|
9.00 |
|
|
|
(1.27 |
) |
|
|
|
|
|
|
49,490 |
|
|
|
1.73 |
|
|
|
1.75 |
|
|
|
1.58 |
|
|
|
1.60 |
|
|
|
8.07 |
|
|
|
63,663 |
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
21 |
Statements of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except per share amounts) |
|
PIMCO Municipal Income Fund |
|
|
PIMCO Municipal Income Fund II |
|
|
PIMCO Municipal Income Fund III |
|
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities* |
|
$ |
553,879 |
|
|
$ |
1,183,303 |
|
|
$ |
596,419 |
|
|
$ |
459,170 |
|
Cash |
|
|
511 |
|
|
|
476 |
|
|
|
566 |
|
|
|
96 |
|
Receivable for investments sold |
|
|
0 |
|
|
|
0 |
|
|
|
961 |
|
|
|
0 |
|
Interest and/or dividends receivable |
|
|
7,205 |
|
|
|
13,742 |
|
|
|
6,896 |
|
|
|
6,294 |
|
Other assets |
|
|
71 |
|
|
|
16 |
|
|
|
7 |
|
|
|
8 |
|
Total Assets |
|
|
561,666 |
|
|
|
1,197,537 |
|
|
|
604,849 |
|
|
|
465,568 |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings & Other Financing Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable for tender option bond floating rate certificates |
|
$ |
10,485 |
|
|
$ |
25,026 |
|
|
$ |
26,140 |
|
|
$ |
28,553 |
|
Payable for investments purchased |
|
|
3,082 |
|
|
|
0 |
|
|
|
961 |
|
|
|
0 |
|
Distributions payable to common shareholders |
|
|
2,077 |
|
|
|
3,996 |
|
|
|
2,038 |
|
|
|
1,437 |
|
Distributions payable to preferred shareholders |
|
|
13 |
|
|
|
25 |
|
|
|
13 |
|
|
|
8 |
|
Accrued management fees |
|
|
313 |
|
|
|
650 |
|
|
|
330 |
|
|
|
249 |
|
Other liabilities |
|
|
220 |
|
|
|
450 |
|
|
|
253 |
|
|
|
264 |
|
Total Liabilities |
|
|
16,190 |
|
|
|
30,147 |
|
|
|
29,735 |
|
|
|
30,511 |
|
|
|
|
|
|
Preferred Shares ($0.00001 par value and $25,000 liquidation preference per
share) |
|
|
190,000 |
|
|
|
367,000 |
|
|
|
189,000 |
|
|
|
150,000 |
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders |
|
$ |
355,476 |
|
|
$ |
800,390 |
|
|
$ |
386,114 |
|
|
$ |
285,057 |
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders Consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par value ($0.00001 per share) |
|
|
0 |
|
|
|
1 |
|
|
|
0 |
|
|
|
0 |
|
Paid in capital in excess of par |
|
|
330,648 |
|
|
|
805,108 |
|
|
|
434,441 |
|
|
|
244,460 |
|
Undistributed (overdistributed) net investment income |
|
|
275 |
|
|
|
25,055 |
|
|
|
(93 |
) |
|
|
13,182 |
|
Accumulated undistributed net realized (loss) |
|
|
(54,075 |
) |
|
|
(183,620 |
) |
|
|
(137,455 |
) |
|
|
(33,675 |
) |
Net unrealized appreciation |
|
|
78,628 |
|
|
|
153,846 |
|
|
|
89,221 |
|
|
|
61,090 |
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders |
|
$ |
355,476 |
|
|
$ |
800,390 |
|
|
$ |
386,114 |
|
|
$ |
285,057 |
|
|
|
|
|
|
Net Asset Value Per Common Share |
|
$ |
13.91 |
|
|
$ |
13.02 |
|
|
$ |
11.80 |
|
|
$ |
15.27 |
|
|
|
|
|
|
Common shares issued and outstanding |
|
|
25,558 |
|
|
|
61,484 |
|
|
|
32,718 |
|
|
|
18,667 |
|
|
|
|
|
|
Preferred shares issued and outstanding |
|
|
8 |
|
|
|
15 |
|
|
|
8 |
|
|
|
6 |
|
|
|
|
|
|
Cost of investments in securities |
|
$ |
475,263 |
|
|
$ |
1,029,446 |
|
|
$ |
507,199 |
|
|
$ |
398,081 |
|
|
|
|
|
|
* Includes repurchase agreements of: |
|
$ |
9,300 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
A zero balance may reflect actual amounts rounding to less than one thousand. |
|
|
|
|
|
|
|
|
|
22 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO
California Municipal Income Fund II |
|
|
PIMCO
California
Municipal
Income Fund III |
|
|
PIMCO
New York
Municipal
Income Fund |
|
|
PIMCO
New York
Municipal
Income Fund II |
|
|
PIMCO
New York
Municipal
Income Fund III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
488,303 |
|
|
$ |
386,918 |
|
|
$ |
153,421 |
|
|
$ |
219,027 |
|
|
$ |
93,100 |
|
|
428 |
|
|
|
489 |
|
|
|
599 |
|
|
|
488 |
|
|
|
546 |
|
|
1,657 |
|
|
|
1,274 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
6,248 |
|
|
|
5,163 |
|
|
|
1,994 |
|
|
|
2,766 |
|
|
|
980 |
|
|
12 |
|
|
|
3 |
|
|
|
2,288 |
|
|
|
10 |
|
|
|
0 |
|
|
496,648 |
|
|
|
393,847 |
|
|
|
158,302 |
|
|
|
222,291 |
|
|
|
94,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
28,731 |
|
|
$ |
28,356 |
|
|
$ |
10,513 |
|
|
$ |
8,212 |
|
|
$ |
4,940 |
|
|
1,580 |
|
|
|
533 |
|
|
|
1,221 |
|
|
|
1,221 |
|
|
|
610 |
|
|
1,714 |
|
|
|
1,330 |
|
|
|
440 |
|
|
|
733 |
|
|
|
299 |
|
|
11 |
|
|
|
11 |
|
|
|
2 |
|
|
|
4 |
|
|
|
2 |
|
|
266 |
|
|
|
211 |
|
|
|
91 |
|
|
|
126 |
|
|
|
62 |
|
|
149 |
|
|
|
211 |
|
|
|
146 |
|
|
|
418 |
|
|
|
59 |
|
|
32,451 |
|
|
|
30,652 |
|
|
|
12,413 |
|
|
|
10,714 |
|
|
|
5,972 |
|
|
|
|
|
|
|
163,000 |
|
|
|
125,000 |
|
|
|
47,000 |
|
|
|
79,000 |
|
|
|
32,000 |
|
|
|
|
|
|
$ |
301,197 |
|
|
$ |
238,195 |
|
|
$ |
98,889 |
|
|
$ |
132,577 |
|
|
$ |
56,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
403,650 |
|
|
|
290,002 |
|
|
|
97,608 |
|
|
|
148,275 |
|
|
|
75,582 |
|
|
(2,276 |
) |
|
|
3,684 |
|
|
|
2,077 |
|
|
|
(632 |
) |
|
|
589 |
|
|
(175,972 |
) |
|
|
(105,109 |
) |
|
|
(20,215 |
) |
|
|
(41,786 |
) |
|
|
(30,284 |
) |
|
75,795 |
|
|
|
49,618 |
|
|
|
19,419 |
|
|
|
26,720 |
|
|
|
10,767 |
|
|
|
|
|
|
$ |
301,197 |
|
|
$ |
238,195 |
|
|
$ |
98,889 |
|
|
$ |
132,577 |
|
|
$ |
56,654 |
|
|
|
|
|
|
$ |
9.45 |
|
|
$ |
10.75 |
|
|
$ |
12.81 |
|
|
$ |
11.97 |
|
|
$ |
9.96 |
|
|
|
|
|
|
|
31,886 |
|
|
|
22,167 |
|
|
|
7,717 |
|
|
|
11,072 |
|
|
|
5,689 |
|
|
|
|
|
|
|
7 |
|
|
|
5 |
|
|
|
2 |
|
|
|
3 |
|
|
|
1 |
|
|
|
|
|
|
$ |
412,508 |
|
|
$ |
337,301 |
|
|
$ |
134,593 |
|
|
$ |
192,223 |
|
|
$ |
82,333 |
|
|
|
|
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
23 |
Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2016 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
PIMCO Municipal Income Fund |
|
|
PIMCO Municipal Income Fund II |
|
|
PIMCO Municipal Income Fund III |
|
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
|
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
13,477 |
|
|
$ |
28,112 |
|
|
$ |
14,648 |
|
|
$ |
10,532 |
|
Total Income |
|
|
13,477 |
|
|
|
28,112 |
|
|
|
14,648 |
|
|
|
10,532 |
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
|
1,846 |
|
|
|
3,832 |
|
|
|
1,940 |
|
|
|
1,472 |
|
Auction agent fees and commissions |
|
|
140 |
|
|
|
270 |
|
|
|
137 |
|
|
|
110 |
|
Trustee fees and related expenses |
|
|
44 |
|
|
|
94 |
|
|
|
45 |
|
|
|
35 |
|
Interest expense |
|
|
73 |
|
|
|
197 |
|
|
|
159 |
|
|
|
152 |
|
Auction rate preferred shares related expenses |
|
|
40 |
|
|
|
27 |
|
|
|
14 |
|
|
|
30 |
|
Miscellaneous expense |
|
|
3 |
|
|
|
4 |
|
|
|
3 |
|
|
|
2 |
|
Total Expenses |
|
|
2,146 |
|
|
|
4,424 |
|
|
|
2,298 |
|
|
|
1,801 |
|
|
|
|
|
|
Net Investment Income |
|
|
11,331 |
|
|
|
23,688 |
|
|
|
12,350 |
|
|
|
8,731 |
|
|
|
|
|
|
Net Realized Gain: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities |
|
|
1,438 |
|
|
|
1,663 |
|
|
|
960 |
|
|
|
116 |
|
|
|
|
|
|
Net Realized Gain |
|
|
1,438 |
|
|
|
1,663 |
|
|
|
960 |
|
|
|
116 |
|
|
|
|
|
|
Net Change in Unrealized Appreciation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities |
|
|
16,643 |
|
|
|
37,765 |
|
|
|
21,170 |
|
|
|
12,495 |
|
|
|
|
|
|
Net Change in Unrealized Appreciation |
|
|
16,643 |
|
|
|
37,765 |
|
|
|
21,170 |
|
|
|
12,495 |
|
|
|
|
|
|
Net Increase in Net Assets Resulting from Operations |
|
$ |
29,412 |
|
|
$ |
63,116 |
|
|
$ |
34,480 |
|
|
$ |
21,342 |
|
|
|
|
|
|
Distributions on Preferred Shares from Net Investment Income |
|
$ |
(425 |
) |
|
$ |
(821 |
) |
|
$ |
(423 |
) |
|
$ |
(335 |
) |
|
|
|
|
|
Net Increase in Net Assets Applicable to Common Shareholders Resulting
from Operations |
|
$ |
28,987 |
|
|
$ |
62,295 |
|
|
$ |
34,057 |
|
|
$ |
21,007 |
|
|
|
|
|
|
|
|
|
|
24 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO California Municipal Income Fund II |
|
|
PIMCO California Municipal Income Fund III |
|
|
PIMCO New York Municipal Income Fund |
|
|
PIMCO New York Municipal Income Fund II |
|
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11,543 |
|
|
$ |
8,607 |
|
|
$ |
3,230 |
|
|
$ |
4,727 |
|
|
$ |
1,969 |
|
|
11,543 |
|
|
|
8,607 |
|
|
|
3,230 |
|
|
|
4,727 |
|
|
|
1,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,565 |
|
|
|
1,247 |
|
|
|
538 |
|
|
|
747 |
|
|
|
367 |
|
|
120 |
|
|
|
92 |
|
|
|
35 |
|
|
|
58 |
|
|
|
23 |
|
|
37 |
|
|
|
29 |
|
|
|
12 |
|
|
|
17 |
|
|
|
7 |
|
|
145 |
|
|
|
157 |
|
|
|
45 |
|
|
|
50 |
|
|
|
27 |
|
|
37 |
|
|
|
4 |
|
|
|
20 |
|
|
|
24 |
|
|
|
4 |
|
|
2 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
1,906 |
|
|
|
1,530 |
|
|
|
651 |
|
|
|
897 |
|
|
|
429 |
|
|
|
|
|
|
|
9,637 |
|
|
|
7,077 |
|
|
|
2,579 |
|
|
|
3,830 |
|
|
|
1,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,713 |
|
|
|
841 |
|
|
|
200 |
|
|
|
475 |
|
|
|
133 |
|
|
|
|
|
|
|
1,713 |
|
|
|
841 |
|
|
|
200 |
|
|
|
475 |
|
|
|
133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,065 |
|
|
|
10,055 |
|
|
|
5,503 |
|
|
|
6,508 |
|
|
|
2,522 |
|
|
|
|
|
|
|
15,065 |
|
|
|
10,055 |
|
|
|
5,503 |
|
|
|
6,508 |
|
|
|
2,522 |
|
|
|
|
|
|
$ |
26,415 |
|
|
$ |
17,973 |
|
|
$ |
8,282 |
|
|
$ |
10,813 |
|
|
$ |
4,195 |
|
|
|
|
|
|
$ |
(365 |
) |
|
$ |
(280 |
) |
|
$ |
(106 |
) |
|
$ |
(176 |
) |
|
$ |
(72 |
) |
|
|
|
|
|
$ |
26,050 |
|
|
$ |
17,693 |
|
|
$ |
8,176 |
|
|
$ |
10,637 |
|
|
$ |
4,123 |
|
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
25 |
(THIS PAGE INTENTIONALLY LEFT BLANK)
|
|
|
|
|
|
|
|
|
26 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
|
|
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO
Municipal Income Fund |
|
|
PIMCO
Municipal Income Fund II |
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
Six Months Ended June 30, 2016 (Unaudited) |
|
|
Period
from May 1, 2015 to December 31, 2015(a) |
|
|
Year Ended April 30, 2015 |
|
|
Six Months Ended June 30, 2016 (Unaudited) |
|
|
Period
from June 1, 2015 to December 31, 2015(b) |
|
|
Year Ended May 31, 2015 |
|
|
|
|
|
|
|
|
Increase in Net Assets from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
11,331 |
|
|
$ |
16,665 |
|
|
$ |
23,709 |
|
|
$ |
23,688 |
|
|
$ |
29,008 |
|
|
$ |
49,450 |
|
Net realized gain (loss) |
|
|
1,438 |
|
|
|
161 |
|
|
|
(1,080 |
) |
|
|
1,663 |
|
|
|
410 |
|
|
|
1,136 |
|
Net change in unrealized appreciation |
|
|
16,643 |
|
|
|
2,788 |
|
|
|
17,051 |
|
|
|
37,765 |
|
|
|
16,059 |
|
|
|
8,054 |
|
Net increase in net assets resulting from operations |
|
|
29,412 |
|
|
|
19,614 |
|
|
|
39,680 |
|
|
|
63,116 |
|
|
|
45,477 |
|
|
|
58,640 |
|
Distributions on preferred shares from net investment income(c) |
|
|
(425 |
) |
|
|
(222 |
) |
|
|
(211 |
) |
|
|
(821 |
) |
|
|
(368 |
) |
|
|
(420 |
) |
|
|
|
|
|
|
|
Net Increase in Net Assets Applicable to Common Shareholders Resulting from
Operations |
|
|
28,987 |
|
|
|
19,392 |
|
|
|
39,469 |
|
|
|
62,295 |
|
|
|
45,109 |
|
|
|
58,220 |
|
|
|
|
|
|
|
|
Distributions to Common Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
|
(12,451 |
) |
|
|
(16,571 |
) |
|
|
(24,797 |
) |
|
|
(23,955 |
) |
|
|
(27,892 |
) |
|
|
(47,740 |
) |
|
|
|
|
|
|
|
Total Distributions to Common Shareholders(c) |
|
|
(12,451 |
) |
|
|
(16,571 |
)(d) |
|
|
(24,797 |
) |
|
|
(23,955 |
) |
|
|
(27,892 |
)(d) |
|
|
(47,740 |
) |
|
|
|
|
|
|
|
Common Share Transactions**: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued as reinvestment of distributions |
|
|
598 |
|
|
|
746 |
|
|
|
948 |
|
|
|
1,838 |
|
|
|
862 |
|
|
|
1,565 |
|
|
|
|
|
|
|
|
Total Increase in Net Assets |
|
|
17,134 |
|
|
|
3,567 |
|
|
|
15,620 |
|
|
|
40,178 |
|
|
|
18,079 |
|
|
|
12,045 |
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
338,342 |
|
|
|
334,775 |
|
|
|
319,155 |
|
|
|
760,212 |
|
|
|
742,133 |
|
|
|
730,088 |
|
End of period* |
|
$ |
355,476 |
|
|
$ |
338,342 |
|
|
$ |
334,775 |
|
|
$ |
800,390 |
|
|
$ |
760,212 |
|
|
$ |
742,133 |
|
|
|
|
|
|
|
|
* Including undistributed net investment income of: |
|
$ |
275 |
|
|
$ |
1,820 |
|
|
$ |
1,979 |
|
|
$ |
25,055 |
|
|
$ |
26,143 |
|
|
$ |
25,414 |
|
|
|
|
|
|
|
|
** Common Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued as reinvestment of distributions |
|
|
40 |
|
|
|
54 |
|
|
|
68 |
|
|
|
146 |
|
|
|
70 |
|
|
|
128 |
|
(a) |
Fiscal year end changed from April 30th to December 31st. |
(b) |
Fiscal year end changed from May 31st to December 31st. |
(c) |
The tax characterization of distributions is determined in accordance with federal income tax regulations. The actual tax characterization
of distributions paid are determined at the end of the fiscal year. See Note 2(b) in the Notes to Financial Statements for more information. |
(d) |
Total distributions for the period ended December 31, 2015 may be lower than prior fiscal years due to fiscal year end changes resulting
in a reduction of the amount of days in the period ended December 31, 2015. |
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
27 |
Statements of Changes in Net Assets (Cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO
Municipal Income Fund III |
|
|
PIMCO
California Municipal Income Fund |
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
Six Months Ended June 30, 2016
(Unaudited) |
|
|
Period from
October 1, 2015 to December 31, 2015(a) |
|
|
Year Ended September 30, 2015 |
|
|
Six Months Ended June 30, 2016
(Unaudited) |
|
|
Period from May 1, 2015 to December 31, 2015(b) |
|
|
Year Ended April 30, 2015 |
|
|
|
|
|
|
|
|
Increase in Net Assets from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
12,350 |
|
|
$ |
6,627 |
|
|
$ |
25,469 |
|
|
$ |
8,731 |
|
|
$ |
12,157 |
|
|
$ |
17,678 |
|
Net realized gain (loss) |
|
|
960 |
|
|
|
612 |
|
|
|
1,031 |
|
|
|
116 |
|
|
|
593 |
|
|
|
455 |
|
Net change in unrealized appreciation (depreciation) |
|
|
21,170 |
|
|
|
7,195 |
|
|
|
1,472 |
|
|
|
12,495 |
|
|
|
3,978 |
|
|
|
9,666 |
|
Net increase in net assets resulting from operations |
|
|
34,480 |
|
|
|
14,434 |
|
|
|
27,972 |
|
|
|
21,342 |
|
|
|
16,728 |
|
|
|
27,799 |
|
Distributions on preferred shares from net investment income(d) |
|
|
(423 |
) |
|
|
(98 |
) |
|
|
(242 |
) |
|
|
(335 |
) |
|
|
(174 |
) |
|
|
(165 |
) |
|
|
|
|
|
|
|
Net Increase in Net Assets Applicable to Common Shareholders Resulting from
Operations |
|
|
34,057 |
|
|
|
14,336 |
|
|
|
27,730 |
|
|
|
21,007 |
|
|
|
16,554 |
|
|
|
27,634 |
|
|
|
|
|
|
|
|
Distributions to Common Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
|
(12,224 |
) |
|
|
(6,106 |
) |
|
|
(24,386 |
) |
|
|
(8,620 |
) |
|
|
(11,478 |
) |
|
|
(17,183 |
) |
|
|
|
|
|
|
|
Total Distributions to Common Shareholders(d) |
|
|
(12,224 |
) |
|
|
(6,106 |
)(e) |
|
|
(24,386 |
) |
|
|
(8,620 |
) |
|
|
(11,478 |
)(e) |
|
|
(17,183 |
) |
|
|
|
|
|
|
|
Common Share Transactions**: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued as reinvestment of distributions |
|
|
449 |
|
|
|
234 |
|
|
|
885 |
|
|
|
325 |
|
|
|
431 |
|
|
|
636 |
|
|
|
|
|
|
|
|
Total Increase in Net Assets |
|
|
22,282 |
|
|
|
8,464 |
|
|
|
4,229 |
|
|
|
12,712 |
|
|
|
5,507 |
|
|
|
11,087 |
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
363,832 |
|
|
|
355,368 |
|
|
|
351,139 |
|
|
|
272,345 |
|
|
|
266,838 |
|
|
|
255,751 |
|
End of period* |
|
$ |
386,114 |
|
|
$ |
363,832 |
|
|
$ |
355,368 |
|
|
$ |
285,057 |
|
|
$ |
272,345 |
|
|
$ |
266,838 |
|
|
|
|
|
|
|
|
* Including undistributed (overdistributed) net investment income of: |
|
$ |
(93 |
) |
|
$ |
204 |
|
|
$ |
(201 |
) |
|
$ |
13,182 |
|
|
$ |
13,406 |
|
|
$ |
12,917 |
|
|
|
|
|
|
|
|
** Common Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued as reinvestment of distributions |
|
|
39 |
|
|
|
21 |
|
|
|
81 |
|
|
|
21 |
|
|
|
29 |
|
|
|
45 |
|
|
A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) |
Fiscal year end changed from September 30th to December 31st. |
(b) |
Fiscal year end changed from April 30th to December 31st. |
(c) |
Fiscal year end changed from May 31st to December 31st. |
(d) |
The tax characterization of distributions is determined in accordance with federal income tax regulations. The actual tax characterization
of distributions paid are determined at the end of the fiscal year. See Note 2(b) in the Notes to Financial Statements for more information. |
(e) |
Total distributions for the period ended December 31, 2015 may be lower than prior fiscal years due to fiscal year end changes resulting
in a reduction of the amount of days in the period ended December 31, 2015. |
|
|
|
|
|
|
|
|
|
28 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO California Municipal Income Fund II |
|
|
PIMCO California Municipal Income Fund III |
|
|
PIMCO New York Municipal Income Fund |
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2016 (Unaudited) |
|
|
Period from June 1, 2015 to December 31,
2015(c) |
|
|
Year Ended May 31, 2015 |
|
|
Six Months Ended June 30, 2016 (Unaudited) |
|
|
Period from October 1, 2015 to December 31, 2015(a) |
|
|
Year Ended September 30, 2015 |
|
|
Six Months Ended June 30, 2016 (Unaudited) |
|
|
Period from May 1, 2015 to December 31,
2015(b) |
|
|
Year Ended April 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,637 |
|
|
$ |
12,226 |
|
|
$ |
20,816 |
|
|
$ |
7,077 |
|
|
$ |
3,762 |
|
|
$ |
14,934 |
|
|
$ |
2,579 |
|
|
$ |
3,619 |
|
|
$ |
5,247 |
|
|
1,713 |
|
|
|
122 |
|
|
|
6,746 |
|
|
|
841 |
|
|
|
(107 |
) |
|
|
4,105 |
|
|
|
200 |
|
|
|
296 |
|
|
|
0 |
|
|
15,065 |
|
|
|
7,982 |
|
|
|
(4,455 |
) |
|
|
10,055 |
|
|
|
5,478 |
|
|
|
(1,806 |
) |
|
|
5,503 |
|
|
|
1,026 |
|
|
|
5,582 |
|
|
26,415 |
|
|
|
20,330 |
|
|
|
23,107 |
|
|
|
17,973 |
|
|
|
9,133 |
|
|
|
17,233 |
|
|
|
8,282 |
|
|
|
4,941 |
|
|
|
10,829 |
|
|
(365 |
) |
|
|
(164 |
) |
|
|
(188 |
) |
|
|
(280 |
) |
|
|
(66 |
) |
|
|
(160 |
) |
|
|
(106 |
) |
|
|
(54 |
) |
|
|
(54 |
) |
|
|
|
|
|
|
|
|
|
|
26,050 |
|
|
|
20,166 |
|
|
|
22,919 |
|
|
|
17,693 |
|
|
|
9,067 |
|
|
|
17,073 |
|
|
|
8,176 |
|
|
|
4,887 |
|
|
|
10,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,279 |
) |
|
|
(11,978 |
) |
|
|
(20,493 |
) |
|
|
(7,976 |
) |
|
|
(3,985 |
) |
|
|
(15,922 |
) |
|
|
(2,637 |
) |
|
|
(3,514 |
) |
|
|
(5,269 |
) |
|
|
|
|
|
|
|
|
|
|
(10,279 |
) |
|
|
(11,978 |
)(e) |
|
|
(20,493 |
) |
|
|
(7,976 |
) |
|
|
(3,985 |
)(e) |
|
|
(15,922 |
) |
|
|
(2,637 |
) |
|
|
(3,514 |
)(e) |
|
|
(5,269 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
329 |
|
|
|
384 |
|
|
|
810 |
|
|
|
257 |
|
|
|
109 |
|
|
|
464 |
|
|
|
145 |
|
|
|
0 |
|
|
|
115 |
|
|
|
|
|
|
|
|
|
|
|
16,100 |
|
|
|
8,572 |
|
|
|
3,236 |
|
|
|
9,974 |
|
|
|
5,191 |
|
|
|
1,615 |
|
|
|
5,684 |
|
|
|
1,373 |
|
|
|
5,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
285,097 |
|
|
|
276,525 |
|
|
|
273,289 |
|
|
|
228,221 |
|
|
|
223,030 |
|
|
|
221,415 |
|
|
|
93,205 |
|
|
|
91,832 |
|
|
|
86,211 |
|
$ |
301,197 |
|
|
$ |
285,097 |
|
|
$ |
276,525 |
|
|
$ |
238,195 |
|
|
$ |
228,221 |
|
|
$ |
223,030 |
|
|
$ |
98,889 |
|
|
$ |
93,205 |
|
|
$ |
91,832 |
|
|
|
|
|
|
|
|
|
|
$ |
(2,276 |
) |
|
$ |
(1,269 |
) |
|
$ |
(1,482 |
) |
|
$ |
3,684 |
|
|
$ |
4,863 |
|
|
$ |
5,160 |
|
|
$ |
2,077 |
|
|
$ |
2,241 |
|
|
$ |
2,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33 |
|
|
|
41 |
|
|
|
89 |
|
|
|
23 |
|
|
|
10 |
|
|
|
45 |
|
|
|
12 |
|
|
|
0 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
29 |
Statements of Changes in Net Assets (Cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO New York Municipal Income Fund II |
|
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
Six Months Ended June 30, 2016 (Unaudited) |
|
|
Period
from June 1, 2015 to December 31, 2015(a) |
|
|
Year Ended May 31, 2015 |
|
|
Six Months Ended June 30, 2016 (Unaudited) |
|
|
Period
from October 1, 2015 to December 31, 2015(b) |
|
|
Year Ended September 30, 2015 |
|
|
|
|
|
|
|
|
Increase in Net Assets from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
3,830 |
|
|
$ |
4,783 |
|
|
$ |
8,238 |
|
|
$ |
1,540 |
|
|
$ |
819 |
|
|
$ |
3,246 |
|
Net realized gain (loss) |
|
|
475 |
|
|
|
244 |
|
|
|
(515 |
) |
|
|
133 |
|
|
|
0 |
|
|
|
106 |
|
Net change in unrealized appreciation |
|
|
6,508 |
|
|
|
1,538 |
|
|
|
4,505 |
|
|
|
2,522 |
|
|
|
837 |
|
|
|
158 |
|
Net increase in net assets resulting from operations |
|
|
10,813 |
|
|
|
6,565 |
|
|
|
12,228 |
|
|
|
4,195 |
|
|
|
1,656 |
|
|
|
3,510 |
|
Distributions on preferred shares from net investment income(c) |
|
|
(176 |
) |
|
|
(79 |
) |
|
|
(90 |
) |
|
|
(72 |
) |
|
|
(16 |
) |
|
|
(41 |
) |
|
|
|
|
|
|
|
Net Increase in Net Assets Applicable to Common Shareholders Resulting
from Operations |
|
|
10,637 |
|
|
|
6,486 |
|
|
|
12,138 |
|
|
|
4,123 |
|
|
|
1,640 |
|
|
|
3,469 |
|
|
|
|
|
|
|
|
Distributions to Common Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
|
(4,398 |
) |
|
|
(5,120 |
) |
|
|
(8,750 |
) |
|
|
(1,791 |
) |
|
|
(895 |
) |
|
|
(3,571 |
) |
|
|
|
|
|
|
|
Total Distributions to Common Shareholders(c) |
|
|
(4,398 |
) |
|
|
(5,120 |
)(d) |
|
|
(8,750 |
) |
|
|
(1,791 |
) |
|
|
(895 |
)(d) |
|
|
(3,571 |
) |
|
|
|
|
|
|
|
Common Share Transactions**: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued as reinvestment of distributions |
|
|
253 |
|
|
|
295 |
|
|
|
516 |
|
|
|
75 |
|
|
|
44 |
|
|
|
191 |
|
|
|
|
|
|
|
|
Total Increase in Net Assets |
|
|
6,492 |
|
|
|
1,661 |
|
|
|
3,904 |
|
|
|
2,407 |
|
|
|
789 |
|
|
|
89 |
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
126,085 |
|
|
|
124,424 |
|
|
|
120,520 |
|
|
|
54,247 |
|
|
|
53,458 |
|
|
|
53,369 |
|
End of period* |
|
$ |
132,577 |
|
|
$ |
126,085 |
|
|
$ |
124,424 |
|
|
$ |
56,654 |
|
|
$ |
54,247 |
|
|
$ |
53,458 |
|
|
|
|
|
|
|
|
* Including undistributed (overdistributed) net investment income of: |
|
$ |
(632 |
) |
|
$ |
112 |
|
|
$ |
531 |
|
|
$ |
589 |
|
|
$ |
912 |
|
|
$ |
1,007 |
|
|
|
|
|
|
|
|
** Common Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued as reinvestment of distributions |
|
|
20 |
|
|
|
26 |
|
|
|
45 |
|
|
|
7 |
|
|
|
5 |
|
|
|
20 |
|
|
A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) |
Fiscal year end changed from May 31st to December 31st. |
(b) |
Fiscal year end changed from September 30th to December 31st. |
(c) |
The tax characterization of distributions is determined in accordance with federal income tax regulations. The actual tax characterization
of distributions paid are determined at the end of the fiscal year. See Note 2(b) in the Notes to Financial Statements for more information. |
(d) |
Total distributions for the period ended December 31, 2015 may be lower than prior fiscal years due to fiscal year end changes resulting
in a reduction of the amount of days in the period ended December 31, 2015. |
|
|
|
|
|
|
|
|
|
30 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
Schedule of Investments PIMCO Municipal Income Fund
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
INVESTMENTS IN SECURITIES 155.8% |
|
|
|
MUNICIPAL BONDS & NOTES 152.7% |
|
|
|
ALABAMA 5.5% |
|
Huntsville-Redstone Village Special Care Facilities Financing Authority, Alabama Revenue Bonds,
Series 2007 |
|
5.500% due 01/01/2028 |
|
$ |
|
|
235 |
|
|
$ |
|
|
236 |
|
5.500% due 01/01/2043 |
|
|
|
|
885 |
|
|
|
|
|
887 |
|
Jefferson County, Alabama Sewer Revenue Bonds, Series 2013 |
|
0.000% due 10/01/2050 (d) |
|
|
|
|
15,000 |
|
|
|
|
|
11,725 |
|
6.500% due 10/01/2053 |
|
|
|
|
2,000 |
|
|
|
|
|
2,504 |
|
Lower Alabama Gas District Revenue Bonds, Series 2016 |
|
5.000% due 09/01/2046 |
|
|
|
|
3,000 |
|
|
|
|
|
4,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALASKA 1.1% |
|
Alaska Industrial Development & Export Authority Revenue Bonds,
Series 2007 |
|
6.000% due 12/01/2036 ^ |
|
|
|
|
900 |
|
|
|
|
|
122 |
|
Matanuska-Susitna Borough, Alaska Revenue Bonds, (AGC Insured),
Series 2009 |
|
6.000% due 09/01/2032 |
|
|
|
|
3,280 |
|
|
|
|
|
3,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARIZONA 3.6% |
|
Arizona Health Facilities Authority Revenue Bonds, Series 2007 |
|
5.200% due 10/01/2037 |
|
|
|
|
2,750 |
|
|
|
|
|
2,762 |
|
Arizona Health Facilities Authority Revenue Bonds, Series 2008 |
|
5.500% due 01/01/2038 |
|
|
|
|
2,050 |
|
|
|
|
|
2,195 |
|
Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series
2010 |
|
5.250% due 10/01/2040 |
|
|
|
|
750 |
|
|
|
|
|
832 |
|
Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2000 |
|
5.000% due 06/01/2035 |
|
|
|
|
1,500 |
|
|
|
|
|
1,703 |
|
Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series
2009 |
|
5.000% due 01/01/2039 (e) |
|
|
|
|
5,000 |
|
|
|
|
|
5,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARKANSAS 0.8% |
|
Arkansas Development Finance Authority Revenue Bonds, (AMBAC Insured), Series
2006 |
|
0.000% due 07/01/2036 (b) |
|
|
|
|
5,500 |
|
|
|
|
|
2,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA 23.9% |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2010 |
|
5.000% due 10/01/2034 |
|
|
|
|
2,875 |
|
|
|
|
|
3,281 |
|
5.000% due 10/01/2042 |
|
|
|
|
3,255 |
|
|
|
|
|
3,681 |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2013 |
|
5.250% due 04/01/2053 |
|
|
|
|
10,000 |
|
|
|
|
|
11,701 |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2014 |
|
5.000% due 10/01/2054 |
|
|
|
|
4,000 |
|
|
|
|
|
4,799 |
|
California County Tobacco Securitization Agency Revenue Bonds,
Series 2002 |
|
6.000% due 06/01/2035 |
|
|
|
|
2,000 |
|
|
|
|
|
2,001 |
|
6.125% due 06/01/2038 |
|
|
|
|
1,000 |
|
|
|
|
|
1,000 |
|
California Health Facilities Financing Authority Revenue Bonds,
Series 2009 |
|
6.000% due 07/01/2039 |
|
|
|
|
2,000 |
|
|
|
|
|
2,300 |
|
California Health Facilities Financing Authority Revenue Bonds,
Series 2011 |
|
6.000% due 08/15/2042 |
|
|
|
|
1,500 |
|
|
|
|
|
1,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
California Municipal Finance Authority Revenue Bonds, Series 2011 |
|
7.750% due 04/01/2031 |
|
$ |
|
|
1,275 |
|
|
$ |
|
|
1,607 |
|
California State General Obligation Bonds, Series 2007 |
|
5.000% due 11/01/2032 |
|
|
|
|
700 |
|
|
|
|
|
740 |
|
5.000% due 06/01/2037 |
|
|
|
|
1,200 |
|
|
|
|
|
1,249 |
|
California State General Obligation Bonds, Series 2008 |
|
5.125% due 08/01/2036 |
|
|
2,300 |
|
|
|
|
|
2,507 |
|
5.250% due 03/01/2038 |
|
|
1,250 |
|
|
|
|
|
1,342 |
|
California State General Obligation Bonds, Series 2009 |
|
6.000% due 04/01/2038 |
|
|
3,200 |
|
|
|
|
|
3,646 |
|
California State General Obligation Bonds, Series 2010 |
|
5.250% due 11/01/2040 |
|
|
|
|
1,900 |
|
|
|
|
|
2,234 |
|
5.500% due 03/01/2040 |
|
|
|
|
500 |
|
|
|
|
|
580 |
|
California Statewide Communities Development Authority Revenue Bonds, (FHA Insured),
Series 2009 |
|
6.625% due 08/01/2029 |
|
|
|
|
2,310 |
|
|
|
|
|
2,721 |
|
6.750% due 02/01/2038 |
|
|
|
|
8,485 |
|
|
|
|
|
10,027 |
|
California Statewide Communities Development Authority Revenue Bonds,
Series 2008 |
|
5.500% due 07/01/2031 |
|
|
|
|
845 |
|
|
|
|
|
888 |
|
California Statewide Communities Development Authority Revenue Bonds,
Series 2011 |
|
5.000% due 12/01/2041 |
|
|
|
|
1,000 |
|
|
|
|
|
1,178 |
|
6.500% due 11/01/2021 |
|
|
|
|
515 |
|
|
|
|
|
574 |
|
Chula Vista, California Revenue Bonds, Series 2004 |
|
5.875% due 02/15/2034 |
|
|
|
|
3,000 |
|
|
|
|
|
3,413 |
|
Los Angeles Community College District, California General Obligation Bonds, (NPFGC Insured),
Series 2007 |
|
5.000% due 08/01/2032 |
|
|
|
|
5,300 |
|
|
|
|
|
5,552 |
|
M-S-R Energy Authority, California Revenue Bonds, Series 2009 |
|
6.125% due 11/01/2029 |
|
|
|
|
2,000 |
|
|
|
|
|
2,714 |
|
Montebello Unified School District, California General Obligation Bonds, (AGM Insured),
Series 2008 |
|
5.000% due 08/01/2033 |
|
|
|
|
4,175 |
|
|
|
|
|
4,551 |
|
Orange County, California Airport Revenue Bonds, Series 2009 |
|
5.250% due 07/01/2039 |
|
|
|
|
5,000 |
|
|
|
|
|
5,628 |
|
San Marcos Unified School District, California General Obligation Bonds, Series
2011 |
|
5.000% due 08/01/2038 |
|
|
|
|
1,600 |
|
|
|
|
|
1,860 |
|
Whittier Union High School District, California General Obligation Bonds, Series
2009 |
|
0.000% due 08/01/2025 (b) |
|
|
|
|
2,000 |
|
|
|
|
|
1,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
84,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLORADO 1.0% |
|
Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2010 |
|
5.625% due 12/01/2040 |
|
|
|
|
450 |
|
|
|
|
|
497 |
|
Public Authority for Colorado Energy Revenue Bonds, Series 2008 |
|
6.500% due 11/15/2038 |
|
|
|
|
500 |
|
|
|
|
|
750 |
|
Regional Transportation District, Colorado Certificates of Participation Bonds, Series
2010 |
|
5.375% due 06/01/2031 |
|
|
|
|
400 |
|
|
|
|
|
457 |
|
University of Colorado Revenue Bonds, Series 2009 |
|
5.375% due 06/01/2038 |
|
|
|
|
1,500 |
|
|
|
|
|
1,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONNECTICUT 2.4% |
|
Connecticut State Health & Educational Facility Authority Revenue Bonds, Series
2011 |
|
5.000% due 07/01/2041 |
|
|
|
|
5,000 |
|
|
|
|
|
5,625 |
|
Connecticut State Health & Educational Facility Authority Revenue Bonds, Series
2012 |
|
5.000% due 07/01/2042 |
|
|
|
|
2,500 |
|
|
|
|
|
2,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
DISTRICT OF COLUMBIA 0.8% |
|
District of Columbia Revenue Bonds, Series 2009 |
|
5.750% due 10/01/2039 |
|
$ |
|
|
2,500 |
|
|
$ |
|
|
2,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLORIDA 2.9% |
|
Broward County, Florida Water & Sewer Utility Revenue Bonds, Series 2009 |
|
5.250% due 10/01/2034 (e) |
|
|
|
|
4,000 |
|
|
|
|
|
4,406 |
|
Florida Development Finance Corp. Revenue Notes, Series 2011 |
|
6.500% due 06/15/2021 |
|
|
|
|
220 |
|
|
|
|
|
245 |
|
Florida State General Obligation Bonds, Series 2009 |
|
5.000% due 06/01/2038 (e) |
|
|
|
|
3,900 |
|
|
|
|
|
4,224 |
|
Miami-Dade County, Florida School Board Foundation, Inc. Certificates of Participation Bonds,
(AGC Insured), Series 2009 |
|
5.375% due 02/01/2034 |
|
|
|
|
1,250 |
|
|
|
|
|
1,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEORGIA 3.6% |
|
Medical Center Hospital Authority, Georgia Revenue Bonds, Series 2007 |
|
5.250% due 07/01/2037 |
|
|
|
|
2,300 |
|
|
|
|
|
2,343 |
|
Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 |
|
5.000% due 07/01/2060 |
|
|
|
|
9,000 |
|
|
|
|
|
10,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ILLINOIS 9.1% |
|
Chicago, Illinois General Obligation Bonds, Series 2003 |
|
5.500% due 01/01/2034 |
|
|
|
|
1,750 |
|
|
|
|
|
1,805 |
|
Chicago, Illinois General Obligation Bonds, Series 2007 |
|
5.500% due 01/01/2042 |
|
|
|
|
2,400 |
|
|
|
|
|
2,449 |
|
Chicago, Illinois General Obligation Bonds, Series 2015 |
|
5.375% due 01/01/2029 |
|
|
|
|
6,700 |
|
|
|
|
|
6,938 |
|
5.500% due 01/01/2034 |
|
|
|
|
2,300 |
|
|
|
|
|
2,372 |
|
Chicago, Illinois Revenue Bonds, Series 2002 |
|
5.000% due 01/01/2028 |
|
|
|
|
2,000 |
|
|
|
|
|
2,231 |
|
Illinois Finance Authority Revenue Bonds, Series 2009 |
|
5.500% due 07/01/2037 (e) |
|
|
|
|
5,000 |
|
|
|
|
|
5,477 |
|
7.125% due 11/15/2037 |
|
|
|
|
400 |
|
|
|
|
|
472 |
|
Illinois State Toll Highway Authority Revenue Bonds, Series 2015 |
|
5.000% due 01/01/2040 |
|
|
|
|
7,000 |
|
|
|
|
|
8,488 |
|
Springfield, Illinois Electric Revenue Bonds, Series
2008 |
|
5.000% due 03/01/2036 |
|
|
|
|
1,900 |
|
|
|
|
|
2,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDIANA 1.8% |
|
Indiana Finance Authority Revenue Bonds, Series 2012 |
|
5.000% due 06/01/2032 |
|
|
|
|
3,000 |
|
|
|
|
|
3,248 |
|
Indiana Municipal Power Agency Revenue Bonds, Series 2009 |
|
6.000% due 01/01/2039 |
|
|
|
|
1,000 |
|
|
|
|
|
1,131 |
|
Vigo County, Indiana Hospital Authority Revenue Bonds, Series 2011 |
|
7.500% due 09/01/2022 |
|
|
|
|
1,720 |
|
|
|
|
|
2,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IOWA 3.9% |
|
Iowa Finance Authority Revenue Bonds, Series 2007 |
|
6.750% due 11/15/2037 |
|
|
|
|
3,500 |
|
|
|
|
|
3,789 |
|
6.750% due 11/15/2042 |
|
|
|
|
1,500 |
|
|
|
|
|
1,624 |
|
Iowa Finance Authority Revenue Bonds, Series 2013 |
|
5.250% due 12/01/2025 |
|
|
|
|
1,000 |
|
|
|
|
|
1,089 |
|
Iowa Finance Authority Revenue Bonds, Series 2014 |
|
2.000% due 05/15/2056 ^ |
|
|
|
|
532 |
|
|
|
|
|
6 |
|
2.700% due 11/15/2046 ^ |
|
|
|
|
2,836 |
|
|
|
|
|
2,472 |
|
|
|
|
|
|
|
|
See Accompanying Notes |
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
31 |
Schedule of Investments PIMCO Municipal
Income Fund (Cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Iowa Finance Authority Revenue Notes, Series 2013 |
|
5.000% due 12/01/2019 |
|
$ |
|
|
4,630 |
|
|
$ |
|
|
4,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANSAS 0.4% |
|
Kansas Development Finance Authority Revenue Bonds, Series 2009 |
|
5.750% due 11/15/2038 |
|
|
|
|
1,000 |
|
|
|
|
|
1,151 |
|
Lenexa, Kansas Tax Allocation Bonds, Series 2007 |
|
6.000% due 04/01/2027 ^ |
|
|
|
|
849 |
|
|
|
|
|
187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KENTUCKY 0.3% |
|
Kentucky Economic Development Finance Authority Revenue Bonds, Series 2010 |
|
6.375% due 06/01/2040 |
|
|
|
|
1,000 |
|
|
|
|
|
1,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOUISIANA 1.6% |
|
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
Bonds, (ACA Insured), Series 2000 |
|
6.550% due 09/01/2025 |
|
|
|
|
1,680 |
|
|
|
|
|
1,947 |
|
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
Bonds, Series 2010 |
|
5.875% due 10/01/2040 |
|
|
|
|
750 |
|
|
|
|
|
887 |
|
6.500% due 11/01/2035 |
|
|
|
|
400 |
|
|
|
|
|
481 |
|
Louisiana Public Facilities Authority Revenue Bonds, Series 2011 |
|
6.500% due 05/15/2037 |
|
|
|
|
2,000 |
|
|
|
|
|
2,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARYLAND 1.4% |
|
Maryland Economic Development Corp. Revenue Bonds, Series 2010 |
|
5.750% due 06/01/2035 |
|
|
|
|
1,500 |
|
|
|
|
|
1,676 |
|
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series
2010 |
|
6.250% due 01/01/2041 |
|
|
|
|
650 |
|
|
|
|
|
777 |
|
Maryland Stadium Authority Revenue Bonds, Series 2016 |
|
5.000% due 05/01/2046 |
|
|
|
|
2,000 |
|
|
|
|
|
2,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MASSACHUSETTS 0.8% |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2010 |
|
7.000% due 07/01/2042 |
|
|
|
|
750 |
|
|
|
|
|
841 |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2011 |
|
0.000% due 11/15/2056 (b) |
|
|
|
|
103 |
|
|
|
|
|
1 |
|
6.250% due 11/15/2039 |
|
|
|
|
388 |
|
|
|
|
|
399 |
|
Massachusetts State College Building Authority Revenue Bonds, Series 2009 |
|
5.500% due 05/01/2039 |
|
|
|
|
1,500 |
|
|
|
|
|
1,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MICHIGAN 0.9% |
|
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2007 |
|
6.000% due 06/01/2048 |
|
|
|
|
1,500 |
|
|
|
|
|
1,513 |
|
Royal Oak Hospital Finance Authority, Michigan Revenue Bonds, Series 2009 |
|
8.250% due 09/01/2039 |
|
|
|
|
1,500 |
|
|
|
|
|
1,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINNESOTA 0.6% |
|
St Louis Park, Minnesota Revenue Bonds, Series 2009 |
|
5.750% due 07/01/2039 |
|
|
|
|
1,500 |
|
|
|
|
|
1,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Washington County, Minnesota Housing & Redevelopment Authority Revenue Bonds,
Series 2007 |
|
5.625% due 06/01/2037 |
|
$ |
|
|
500 |
|
|
$ |
|
|
512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MISSOURI 0.3% |
|
Joplin Industrial Development Authority, Missouri Revenue Bonds, Series 2007 |
|
5.750% due 05/15/2026 |
|
|
|
|
1,000 |
|
|
|
|
|
1,038 |
|
Lees Summit, Missouri Tax Allocation Bonds, Series 2011 |
|
5.625% due 10/01/2023 |
|
|
|
|
225 |
|
|
|
|
|
228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW JERSEY 15.2% |
|
New Jersey Economic Development Authority Revenue Bonds, (AGC Insured), Series 2009
|
|
5.500% due 12/15/2034 |
|
|
|
|
2,000 |
|
|
|
|
|
2,220 |
|
New Jersey Economic Development Authority Revenue Bonds, Series 2013 |
|
5.000% due 03/01/2030 |
|
|
|
|
1,065 |
|
|
|
|
|
1,178 |
|
New Jersey Economic Development Authority Special Assessment Bonds, Series 2002
|
|
5.750% due 04/01/2031 |
|
|
|
|
16,550 |
|
|
|
|
|
20,134 |
|
New Jersey Educational Facilities Authority Revenue Bonds, Series 2016 |
|
5.000% due 07/01/2032 (a) |
|
|
|
|
2,590 |
|
|
|
|
|
3,085 |
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2011
|
|
6.000% due 07/01/2037 |
|
|
|
|
500 |
|
|
|
|
|
605 |
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
|
|
5.500% due 07/01/2043 |
|
|
|
|
2,000 |
|
|
|
|
|
2,392 |
|
New Jersey State Turnpike Authority Revenue Bonds, Series 2009 |
|
5.250% due 01/01/2040 |
|
|
|
|
2,000 |
|
|
|
|
|
2,214 |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 |
|
5.250% due 12/15/2023 |
|
|
|
|
2,000 |
|
|
|
|
|
2,321 |
|
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2007 |
|
4.750% due 06/01/2034 |
|
|
|
|
12,100 |
|
|
|
|
|
11,956 |
|
5.000% due 06/01/2041 |
|
|
|
|
8,000 |
|
|
|
|
|
7,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW MEXICO 2.3% |
|
Farmington, New Mexico Revenue Bonds, Series 2010 |
|
5.900% due 06/01/2040 |
|
|
|
|
1,000 |
|
|
|
|
|
1,138 |
|
New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2009 |
|
5.000% due 08/01/2039 |
|
|
|
|
6,400 |
|
|
|
|
|
7,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK 20.5% |
|
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2011 |
|
5.250% due 02/15/2047 |
|
|
|
|
15,500 |
|
|
|
|
|
17,510 |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2011 |
|
5.000% due 11/15/2036 |
|
|
|
|
3,000 |
|
|
|
|
|
3,520 |
|
Nassau County, New York Industrial Development Agency Revenue Bonds, Series
2014 |
|
2.000% due 01/01/2049 ^ |
|
|
|
|
1,137 |
|
|
|
|
|
142 |
|
6.700% due 01/01/2049 |
|
|
|
|
3,150 |
|
|
|
|
|
3,150 |
|
New York City, New York Water & Sewer System Revenue Bonds, Series 2009 |
|
5.000% due 06/15/2039 |
|
|
|
|
3,000 |
|
|
|
|
|
3,353 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2005 |
|
5.250% due 10/01/2035 |
|
|
|
|
10,000 |
|
|
|
|
|
13,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
New York Liberty Development Corp. Revenue Bonds, Series 2007 |
|
5.500% due 10/01/2037 |
|
$ |
|
|
3,000 |
|
|
$ |
|
|
4,172 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2011 |
|
5.000% due 12/15/2041 |
|
|
|
|
10,000 |
|
|
|
|
|
11,920 |
|
5.000% due 11/15/2044 |
|
|
|
|
10,000 |
|
|
|
|
|
11,600 |
|
New York State Dormitory Authority Revenue Bonds, Series 2010 |
|
5.500% due 07/01/2040 |
|
|
|
|
3,500 |
|
|
|
|
|
4,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OHIO 8.4% |
|
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series
2007 |
|
5.125% due 06/01/2024 |
|
|
|
|
1,000 |
|
|
|
|
|
981 |
|
5.875% due 06/01/2047 |
|
|
|
|
9,000 |
|
|
|
|
|
8,930 |
|
6.500% due 06/01/2047 |
|
|
|
|
10,000 |
|
|
|
|
|
10,263 |
|
Hamilton County, Ohio Revenue Bonds, Series 2012 |
|
5.000% due 06/01/2042 |
|
|
|
|
1,000 |
|
|
|
|
|
1,128 |
|
Ohio State Turnpike Commission Revenue Bonds, Series 2013 |
|
5.000% due 02/15/2048 |
|
|
|
|
5,000 |
|
|
|
|
|
5,880 |
|
Ohio State Water Development Authority Revenue Bonds, Series 2005 |
|
4.000% due 01/01/2034 |
|
|
|
|
2,500 |
|
|
|
|
|
2,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OREGON 0.8% |
|
Oregon Department of Administrative Services State Certificates of Participation Bonds, Series
2009 |
|
5.250% due 05/01/2039 |
|
|
|
|
600 |
|
|
|
|
|
674 |
|
Oregon Health & Science University Revenue Bonds, Series 2009 |
|
5.750% due 07/01/2039 |
|
|
|
|
2,000 |
|
|
|
|
|
2,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENNSYLVANIA 7.8% |
|
Capital Region Water, Pennsylvania Revenue Bonds, Series 2007 |
|
6.000% due 09/01/2036 ^ |
|
|
|
|
1,960 |
|
|
|
|
|
1,769 |
|
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2009 |
|
5.250% due 06/01/2039 |
|
|
|
|
5,000 |
|
|
|
|
|
5,553 |
|
Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2008 |
|
6.250% due 07/01/2026 |
|
|
|
|
750 |
|
|
|
|
|
774 |
|
6.375% due 07/01/2030 |
|
|
|
|
85 |
|
|
|
|
|
88 |
|
Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series
2009 |
|
5.500% due 12/01/2039 |
|
|
|
|
1,100 |
|
|
|
|
|
1,250 |
|
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series
2010 |
|
5.000% due 03/01/2040 |
|
|
|
|
350 |
|
|
|
|
|
390 |
|
6.000% due 07/01/2043 |
|
|
|
|
500 |
|
|
|
|
|
550 |
|
Pennsylvania Turnpike Commission Revenue Bonds, Series 2009 |
|
5.125% due 12/01/2040 |
|
|
|
|
2,000 |
|
|
|
|
|
2,223 |
|
Philadelphia Hospitals & Higher Education Facilities Authority, Pennsylvania Revenue Bonds,
Series 2012 |
|
5.625% due 07/01/2036 |
|
|
|
|
5,000 |
|
|
|
|
|
5,627 |
|
5.625% due 07/01/2042 |
|
|
|
|
1,000 |
|
|
|
|
|
1,114 |
|
Philadelphia, Pennsylvania General Obligation Bonds, (AGM Insured), Series
2008 |
|
5.250% due 12/15/2032 |
|
|
|
|
7,000 |
|
|
|
|
|
7,694 |
|
Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, Series 2009 |
|
5.250% due 01/01/2036 |
|
|
|
|
500 |
|
|
|
|
|
547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
RHODE ISLAND 0.3% |
|
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 |
|
5.000% due 06/01/2050 |
|
$ |
|
|
1,000 |
|
|
$ |
|
|
1,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTH CAROLINA 4.2% |
|
South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2007 |
|
5.500% due 05/01/2028 |
|
|
|
|
450 |
|
|
|
|
|
457 |
|
South Carolina Ports Authority Revenue Bonds, Series 2010 |
|
5.250% due 07/01/2040 |
|
|
|
|
2,200 |
|
|
|
|
|
2,509 |
|
South Carolina State Public Service Authority Revenue Bonds, Series 2013 |
|
5.125% due 12/01/2043 |
|
|
|
|
5,000 |
|
|
|
|
|
5,926 |
|
5.500% due 12/01/2053 |
|
|
|
|
5,000 |
|
|
|
|
|
5,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TENNESSEE 3.5% |
|
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006 |
|
5.000% due 02/01/2027 |
|
|
|
|
5,000 |
|
|
|
|
|
6,239 |
|
5.250% due 09/01/2024 |
|
|
|
|
5,000 |
|
|
|
|
|
6,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXAS 14.9% |
|
Dallas, Texas Civic Center Revenue Bonds, (AGC Insured), Series 2009 |
|
5.250% due 08/15/2038 |
|
|
|
|
1,200 |
|
|
|
|
|
1,338 |
|
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2013 |
|
5.000% due 04/01/2053 |
|
|
|
|
5,500 |
|
|
|
|
|
6,413 |
|
JPMorgan Chase Putters/Drivers Trust, Texas Revenue Bonds, Series 2008 |
|
9.750% due 10/01/2037 (f) |
|
|
|
|
600 |
|
|
|
|
|
788 |
|
North Harris County, Texas Regional Water Authority Revenue Bonds, Series
2008 |
|
5.250% due 12/15/2033 |
|
|
|
|
4,200 |
|
|
|
|
|
4,619 |
|
5.500% due 12/15/2038 |
|
|
|
|
4,200 |
|
|
|
|
|
4,633 |
|
North Texas Tollway Authority Revenue Bonds, Series 2008 |
|
5.625% due 01/01/2033 |
|
|
|
|
6,050 |
|
|
|
|
|
6,491 |
|
5.750% due 01/01/2033 |
|
|
|
|
600 |
|
|
|
|
|
646 |
|
North Texas Tollway Authority Revenue Bonds, Series 2009 |
|
5.250% due 01/01/2044 |
|
|
|
|
3,000 |
|
|
|
|
|
3,267 |
|
North Texas Tollway Authority Revenue Bonds, Series 2011 |
|
5.000% due 01/01/2038 |
|
|
|
|
2,750 |
|
|
|
|
|
3,102 |
|
5.500% due 09/01/2041 |
|
|
|
|
600 |
|
|
|
|
|
717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
San Juan Higher Education Finance Authority, Texas Revenue Bonds, Series 2010 |
|
6.700% due 08/15/2040 |
|
$ |
|
|
250 |
|
|
$ |
|
|
298 |
|
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series
2009 |
|
6.250% due 11/15/2029 |
|
|
|
|
4,000 |
|
|
|
|
|
4,510 |
|
Tender Option Bond Trust Receipts/Certificates, Texas General Obligation Bonds, Series
2009 |
|
8.990% due 08/01/2039 (f) |
|
|
|
|
1,000 |
|
|
|
|
|
1,229 |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|
5.250% due 12/15/2023 |
|
|
|
|
3,500 |
|
|
|
|
|
4,256 |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008 |
|
6.250% due 12/15/2026 |
|
|
|
|
6,500 |
|
|
|
|
|
8,422 |
|
Texas State Public Finance Authority Charter School Finance Corp. Revenue Bonds, Series
2007 |
|
5.875% due 12/01/2036 |
|
|
|
|
400 |
|
|
|
|
|
423 |
|
Uptown Development Authority, Texas Tax Allocation Bonds, Series 2009 |
|
5.500% due 09/01/2029 |
|
|
|
|
1,000 |
|
|
|
|
|
1,107 |
|
Wise County, Texas Revenue Bonds, Series 2011 |
|
8.000% due 08/15/2034 |
|
|
|
|
500 |
|
|
|
|
|
587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTAH 2.4% |
|
Salt Lake County, Utah Revenue Bonds, (AMBAC Insured), Series 2001 |
|
5.125% due 02/15/2033 |
|
|
|
|
7,000 |
|
|
|
|
|
8,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VIRGINIA 0.9% |
|
Fairfax County, Virginia Industrial Development Authority Revenue Bonds, Series
2009 |
|
5.500% due 05/15/2035 |
|
|
|
|
1,000 |
|
|
|
|
|
1,131 |
|
Peninsula Town Center Community Development Authority, Virginia Revenue Bonds, Series
2007 |
|
6.450% due 09/01/2037 |
|
|
|
|
1,926 |
|
|
|
|
|
2,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WASHINGTON 4.4% |
|
Tender Option Bond Trust Receipts/Certificates, Washington General Obligation Bonds,
Series 2009 |
|
12.960% due 02/01/2034 (f) |
|
|
|
|
6,670 |
|
|
|
|
|
8,799 |
|
Washington Health Care Facilities Authority Revenue Bonds, (AGC Insured), Series
2008 |
|
6.000% due 08/15/2039 |
|
|
|
|
700 |
|
|
|
|
|
812 |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2007 |
|
6.125% due 08/15/2037 |
|
|
|
|
2,000 |
|
|
|
|
|
2,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2009 |
|
7.375% due 03/01/2038 |
|
$ |
|
|
250 |
|
|
$ |
|
|
292 |
|
Washington State Housing Finance Commission Revenue Bonds, Series 2007 |
|
5.625% due 01/01/2038 |
|
|
|
|
3,600 |
|
|
|
|
|
3,625 |
|
Washington State Housing Finance Commission Revenue Notes, Series 2007 |
|
5.250% due 01/01/2017 |
|
|
|
|
130 |
|
|
|
|
|
131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEST VIRGINIA 0.2% |
|
West Virginia Hospital Finance Authority Revenue Bonds, Series 2011 |
|
9.125% due 10/01/2041 |
|
|
|
|
955 |
|
|
|
|
|
867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WISCONSIN 0.2% |
|
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series
2009 |
|
6.625% due 02/15/2039 |
|
|
|
|
500 |
|
|
|
|
|
575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds & Notes (Cost $464,163) |
|
|
|
|
|
|
|
|
|
|
542,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INSTRUMENTS 3.1% |
|
|
|
REPURCHASE AGREEMENTS (g) 2.6% |
|
|
|
|
|
|
|
|
|
|
|
|
9,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM NOTES 0.5% |
|
Federal Home Loan Bank |
|
0.294% due 07/06/2016 (b)(c) |
|
|
|
|
1,600 |
|
|
|
|
|
1,600 |
|
0.314% due 07/14/2016 (b)(c) |
|
|
|
|
200 |
|
|
|
|
|
200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Instruments (Cost $11,100) |
|
|
|
|
|
|
|
|
11,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities (Cost $475,263) |
|
|
|
|
|
|
|
|
553,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 155.8% (Cost $475,263) |
|
|
|
|
|
$ |
|
|
553,879 |
|
|
|
Preferred Shares (53.4)% |
|
|
|
|
|
|
|
|
(190,000 |
) |
|
|
Other Assets and Liabilities, net (2.4)% |
|
|
|
|
|
(8,403 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders 100.0% |
|
|
$ |
|
|
355,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
Security is in default. |
(a) |
When-issued security. |
(b) |
Zero coupon security. |
(c) |
Coupon represents a yield to maturity. |
(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. See Note 5(b) in the Notes to Financial Statements for more information.
|
(f) |
Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown
bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on June 30, 2016. |
|
|
|
|
|
|
|
See Accompanying Notes |
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
33 |
Schedule of Investments PIMCO Municipal
Income Fund (Cont.)
June 30, 2016 (Unaudited)
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(g) REPURCHASE AGREEMENTS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Lending Rate |
|
|
Settlement Date |
|
|
Maturity Date |
|
|
Principal Amount |
|
|
Collateralized By |
|
Collateral (Received) |
|
|
Repurchase Agreements, at Value |
|
|
Repurchase Agreement Proceeds to be Received (1) |
|
DEU |
|
|
0.800 |
% |
|
|
06/30/2016 |
|
|
|
07/01/2016 |
|
|
$ |
9,300 |
|
|
U.S. Treasury Bonds 3.125% due 02/15/2043 |
|
$ |
(9,501 |
) |
|
$ |
9,300 |
|
|
$ |
9,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Repurchase Agreements |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(9,501 |
) |
|
$ |
9,300 |
|
|
$ |
9,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes accrued interest. |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value
of Borrowings and Other Financing Transactions and collateral (received) as of June 30, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Repurchase Agreement Proceeds to be Received |
|
|
Payable for Reverse Repurchase Agreements |
|
|
Payable for Sale-Buyback Transactions |
|
|
Total Borrowings and Other Financing Transactions |
|
|
Collateral (Received) |
|
|
Net Exposure
(2) |
|
Global/Master Repurchase Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEU |
|
$ |
9,300 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
9,300 |
|
|
$ |
(9,501 |
) |
|
$ |
(201 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Borrowings and Other Financing Transactions |
|
$ |
9,300 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from
borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 6, Principal Risks, in the Notes to Financial Statements for more information regarding
master netting arrangements. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Funds assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category and Subcategory |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value at 06/30/2016 |
|
Investments in Securities, at Value |
|
|
|
|
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama |
|
$ |
0 |
|
|
$ |
19,530 |
|
|
$ |
0 |
|
|
$ |
19,530 |
|
Alaska |
|
|
0 |
|
|
|
3,936 |
|
|
|
0 |
|
|
|
3,936 |
|
Arizona |
|
|
0 |
|
|
|
12,970 |
|
|
|
0 |
|
|
|
12,970 |
|
Arkansas |
|
|
0 |
|
|
|
2,784 |
|
|
|
0 |
|
|
|
2,784 |
|
California |
|
|
0 |
|
|
|
84,971 |
|
|
|
0 |
|
|
|
84,971 |
|
Colorado |
|
|
0 |
|
|
|
3,403 |
|
|
|
0 |
|
|
|
3,403 |
|
Connecticut |
|
|
0 |
|
|
|
8,435 |
|
|
|
0 |
|
|
|
8,435 |
|
District of Columbia |
|
|
0 |
|
|
|
2,833 |
|
|
|
0 |
|
|
|
2,833 |
|
Florida |
|
|
0 |
|
|
|
10,273 |
|
|
|
0 |
|
|
|
10,273 |
|
Georgia |
|
|
0 |
|
|
|
12,860 |
|
|
|
0 |
|
|
|
12,860 |
|
Illinois |
|
|
0 |
|
|
|
32,267 |
|
|
|
0 |
|
|
|
32,267 |
|
Indiana |
|
|
0 |
|
|
|
6,386 |
|
|
|
0 |
|
|
|
6,386 |
|
Iowa |
|
|
0 |
|
|
|
13,802 |
|
|
|
0 |
|
|
|
13,802 |
|
Kansas |
|
|
0 |
|
|
|
1,338 |
|
|
|
0 |
|
|
|
1,338 |
|
Kentucky |
|
|
0 |
|
|
|
1,148 |
|
|
|
0 |
|
|
|
1,148 |
|
Louisiana |
|
|
0 |
|
|
|
5,834 |
|
|
|
0 |
|
|
|
5,834 |
|
Maryland |
|
|
0 |
|
|
|
4,919 |
|
|
|
0 |
|
|
|
4,919 |
|
Massachusetts |
|
|
0 |
|
|
|
2,943 |
|
|
|
0 |
|
|
|
2,943 |
|
Michigan |
|
|
0 |
|
|
|
3,256 |
|
|
|
0 |
|
|
|
3,256 |
|
Minnesota |
|
|
0 |
|
|
|
2,233 |
|
|
|
0 |
|
|
|
2,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category and Subcategory |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value at 06/30/2016 |
|
Missouri |
|
$ |
0 |
|
|
$ |
1,266 |
|
|
$ |
0 |
|
|
$ |
1,266 |
|
New Jersey |
|
|
0 |
|
|
|
53,926 |
|
|
|
0 |
|
|
|
53,926 |
|
New Mexico |
|
|
0 |
|
|
|
8,207 |
|
|
|
0 |
|
|
|
8,207 |
|
New York |
|
|
0 |
|
|
|
72,919 |
|
|
|
0 |
|
|
|
72,919 |
|
Ohio |
|
|
0 |
|
|
|
29,779 |
|
|
|
0 |
|
|
|
29,779 |
|
Oregon |
|
|
0 |
|
|
|
2,969 |
|
|
|
0 |
|
|
|
2,969 |
|
Pennsylvania |
|
|
0 |
|
|
|
27,579 |
|
|
|
0 |
|
|
|
27,579 |
|
Rhode Island |
|
|
0 |
|
|
|
1,064 |
|
|
|
0 |
|
|
|
1,064 |
|
South Carolina |
|
|
0 |
|
|
|
14,889 |
|
|
|
0 |
|
|
|
14,889 |
|
Tennessee |
|
|
0 |
|
|
|
12,468 |
|
|
|
0 |
|
|
|
12,468 |
|
Texas |
|
|
0 |
|
|
|
52,846 |
|
|
|
0 |
|
|
|
52,846 |
|
Utah |
|
|
0 |
|
|
|
8,400 |
|
|
|
0 |
|
|
|
8,400 |
|
Virginia |
|
|
0 |
|
|
|
3,144 |
|
|
|
0 |
|
|
|
3,144 |
|
Washington |
|
|
0 |
|
|
|
15,760 |
|
|
|
0 |
|
|
|
15,760 |
|
West Virginia |
|
|
0 |
|
|
|
867 |
|
|
|
0 |
|
|
|
867 |
|
Wisconsin |
|
|
0 |
|
|
|
575 |
|
|
|
0 |
|
|
|
575 |
|
Short-Term Instruments |
|
Repurchase Agreements |
|
|
0 |
|
|
|
9,300 |
|
|
|
0 |
|
|
|
9,300 |
|
Short-Term Notes |
|
|
0 |
|
|
|
1,800 |
|
|
|
0 |
|
|
|
1,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
0 |
|
|
$ |
553,879 |
|
|
$ |
0 |
|
|
$ |
553,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no
significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.
|
|
|
|
|
|
|
|
|
34 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
Schedule of Investments PIMCO Municipal Income Fund II
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
INVESTMENTS IN SECURITIES 147.8% |
|
|
|
MUNICIPAL BONDS & NOTES 147.0% |
|
|
|
ALABAMA 5.9% |
|
Alabama Docks Department State Revenue Bonds, Series 2010 |
|
6.000% due 10/01/2040 |
|
$ |
|
|
2,000 |
|
|
$ |
|
|
2,397 |
|
Jefferson County, Alabama Sewer Revenue Bonds, Series 2013 |
|
0.000% due 10/01/2050 (c) |
|
|
|
|
18,500 |
|
|
|
|
|
14,461 |
|
6.500% due 10/01/2053 |
|
|
|
|
21,000 |
|
|
|
|
|
26,294 |
|
Lower Alabama Gas District Revenue Bonds, Series 2016 |
|
5.000% due 09/01/2046 |
|
|
|
|
3,000 |
|
|
|
|
|
4,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARIZONA 12.7% |
|
Arizona Health Facilities Authority Revenue Bonds, Series 2008 |
|
5.000% due 01/01/2035 |
|
|
|
|
3,500 |
|
|
|
|
|
3,708 |
|
5.500% due 01/01/2038 |
|
|
|
|
2,860 |
|
|
|
|
|
3,062 |
|
Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series
2008 |
|
5.000% due 09/01/2039 |
|
|
|
|
29,700 |
|
|
|
|
|
31,385 |
|
Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series
2010 |
|
5.250% due 10/01/2040 |
|
|
|
|
1,500 |
|
|
|
|
|
1,664 |
|
Pinal County, Arizona Electric District No. 3 Revenue Bonds, Series 2011 |
|
5.250% due 07/01/2036 |
|
|
|
|
1,750 |
|
|
|
|
|
2,031 |
|
5.250% due 07/01/2041 |
|
|
|
|
3,700 |
|
|
|
|
|
4,268 |
|
Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series
2009 |
|
5.000% due 01/01/2039 (d) |
|
|
|
|
10,000 |
|
|
|
|
|
10,956 |
|
Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007 |
|
5.000% due 12/01/2032 |
|
|
|
|
12,430 |
|
|
|
|
|
15,743 |
|
5.000% due 12/01/2037 |
|
|
|
|
22,400 |
|
|
|
|
|
29,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA 18.2% |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2008 |
|
5.000% due 04/01/2034 |
|
|
|
|
1,430 |
|
|
|
|
|
1,539 |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2010 |
|
5.000% due 10/01/2029 |
|
|
|
|
6,000 |
|
|
|
|
|
6,888 |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2013 |
|
5.250% due 04/01/2048 |
|
|
|
|
5,000 |
|
|
|
|
|
5,902 |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2014 |
|
5.000% due 10/01/2054 |
|
|
|
|
2,000 |
|
|
|
|
|
2,400 |
|
California Health Facilities Financing Authority Revenue Bonds, (IBC/NPFGC Insured), Series
2007 |
|
5.000% due 11/15/2042 |
|
|
|
|
6,300 |
|
|
|
|
|
6,402 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2010 |
|
5.000% due 11/15/2036 |
|
|
|
|
1,500 |
|
|
|
|
|
1,696 |
|
9.019% due 11/15/2036 (e) |
|
|
|
|
5,000 |
|
|
|
|
|
6,647 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2011 |
|
6.000% due 08/15/2042 |
|
|
|
|
3,000 |
|
|
|
|
|
3,650 |
|
California Municipal Finance Authority Revenue Bonds, Series 2011 |
|
7.750% due 04/01/2031 |
|
|
|
|
2,635 |
|
|
|
|
|
3,320 |
|
California State General Obligation Bonds, Series 2007 |
|
5.000% due 11/01/2032 |
|
|
|
|
2,925 |
|
|
|
|
|
3,093 |
|
5.000% due 06/01/2037 |
|
|
|
|
1,590 |
|
|
|
|
|
1,654 |
|
California State General Obligation Bonds, Series 2008 |
|
5.125% due 08/01/2036 |
|
|
|
|
5,200 |
|
|
|
|
|
5,669 |
|
5.250% due 03/01/2038 |
|
|
|
|
2,500 |
|
|
|
|
|
2,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
California State General Obligation Bonds, Series 2009 |
|
6.000% due 04/01/2038 |
|
$ |
|
|
9,500 |
|
|
$ |
|
|
10,823 |
|
California State General Obligation Bonds, Series 2010 |
|
5.250% due 11/01/2040 |
|
|
|
|
5,945 |
|
|
|
|
|
6,991 |
|
5.500% due 03/01/2040 |
|
|
|
|
5,750 |
|
|
|
|
|
6,671 |
|
California Statewide Communities Development Authority Revenue Bonds, (FHA Insured), Series
2009 |
|
6.625% due 08/01/2029 |
|
|
|
|
4,890 |
|
|
|
|
|
5,760 |
|
6.750% due 02/01/2038 |
|
|
|
|
17,415 |
|
|
|
|
|
20,580 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2007 |
|
5.750% due 11/01/2017 |
|
|
|
|
1,345 |
|
|
|
|
|
1,397 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2010 |
|
5.000% due 11/01/2040 |
|
|
|
|
1,000 |
|
|
|
|
|
1,144 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2011 |
|
5.000% due 12/01/2041 |
|
|
|
|
1,000 |
|
|
|
|
|
1,178 |
|
6.000% due 08/15/2042 |
|
|
|
|
5,690 |
|
|
|
|
|
6,923 |
|
6.500% due 11/01/2021 |
|
|
|
|
580 |
|
|
|
|
|
646 |
|
Hayward Unified School District, California General Obligation Bonds, Series
2008 |
|
5.000% due 08/01/2033 |
|
|
|
|
2,000 |
|
|
|
|
|
2,006 |
|
Indian Wells Redevelopment Agency, California Tax Allocation Bonds, (AMBAC Insured), Series
2006 |
|
4.750% due 09/01/2034 |
|
|
|
|
1,500 |
|
|
|
|
|
1,508 |
|
Los Angeles Community College District, California General Obligation Bonds, (NPFGC Insured),
Series 2007 |
|
5.000% due 08/01/2032 |
|
|
|
|
2,000 |
|
|
|
|
|
2,095 |
|
Los Angeles Department of Water & Power, California Revenue Bonds, (AMBAC Insured), Series
2007 |
|
5.000% due 07/01/2039 |
|
|
|
|
4,000 |
|
|
|
|
|
4,157 |
|
M-S-R Energy Authority, California Revenue Bonds, Series 2009 |
|
6.500% due 11/01/2039 |
|
|
|
|
1,750 |
|
|
|
|
|
2,675 |
|
Montebello Unified School District, California General Obligation Bonds, (AGM Insured), Series
2008 |
|
5.000% due 08/01/2033 |
|
|
|
|
2,000 |
|
|
|
|
|
2,180 |
|
Newport Beach, California Revenue Bonds, Series 2011 |
|
5.875% due 12/01/2030 |
|
|
|
|
3,000 |
|
|
|
|
|
3,762 |
|
Peralta Community College District, California General Obligation Bonds, Series
2009 |
|
5.000% due 08/01/2039 |
|
|
|
|
500 |
|
|
|
|
|
565 |
|
San Diego County, California Water Authority Certificates of Participation Bonds, (AGM Insured),
Series 2008 |
|
5.000% due 05/01/2038 |
|
|
|
|
2,000 |
|
|
|
|
|
2,159 |
|
San Marcos Unified School District, California General Obligation Bonds, Series
2011 |
|
5.000% due 08/01/2038 |
|
|
|
|
3,300 |
|
|
|
|
|
3,837 |
|
Santa Clara County, California Financing Authority Revenue Bonds, (AMBAC Insured), Series
2007 |
|
5.750% due 02/01/2041 |
|
|
|
|
2,000 |
|
|
|
|
|
2,112 |
|
Torrance, California Revenue Bonds, Series 2010 |
|
5.000% due 09/01/2040 |
|
|
|
|
4,725 |
|
|
|
|
|
5,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
145,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLORADO 2.1% |
|
Aurora, Colorado Revenue Bonds, Series 2010 |
|
5.000% due 12/01/2040 |
|
|
|
|
5,800 |
|
|
|
|
|
6,409 |
|
Colorado Health Facilities Authority Revenue Bonds, Series 2010 |
|
5.000% due 01/01/2040 |
|
|
|
|
6,045 |
|
|
|
|
|
6,676 |
|
Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2010 |
|
5.625% due 12/01/2040 |
|
|
|
|
1,000 |
|
|
|
|
|
1,105 |
|
Public Authority for Colorado Energy Revenue Bonds, Series 2008 |
|
6.500% due 11/15/2038 |
|
|
|
|
1,430 |
|
|
|
|
|
2,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
CONNECTICUT 0.3% |
|
Connecticut State Health & Educational Facility Authority Revenue Bonds, Series
2011 |
|
5.000% due 07/01/2041 |
|
$ |
|
|
1,000 |
|
|
$ |
|
|
1,125 |
|
Harbor Point Infrastructure Improvement District, Connecticut Tax Allocation Bonds, Series
2010 |
|
7.875% due 04/01/2039 |
|
|
|
|
1,250 |
|
|
|
|
|
1,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLORIDA 5.7% |
|
Brevard County, Florida Health Facilities Authority Revenue Bonds, Series
2009 |
|
7.000% due 04/01/2039 |
|
|
|
|
1,000 |
|
|
|
|
|
1,170 |
|
Broward County, Florida Airport System Revenue Bonds, Series 2009 |
|
5.375% due 10/01/2029 |
|
|
|
|
600 |
|
|
|
|
|
680 |
|
Broward County, Florida Airport System Revenue Bonds, Series 2012 |
|
5.000% due 10/01/2042 |
|
|
|
|
8,000 |
|
|
|
|
|
9,298 |
|
Broward County, Florida Water & Sewer Utility Revenue Bonds, Series 2009 |
|
5.250% due 10/01/2034 (d) |
|
|
|
|
8,500 |
|
|
|
|
|
9,362 |
|
Clearwater, Florida Water & Sewer Revenue Bonds, Series 2009 |
|
5.250% due 12/01/2039 |
|
|
|
|
1,000 |
|
|
|
|
|
1,136 |
|
Florida Development Finance Corp. Revenue Notes, Series 2011 |
|
6.500% due 06/15/2021 |
|
|
|
|
255 |
|
|
|
|
|
284 |
|
Florida State General Obligation Bonds, Series 2009 |
|
5.000% due 06/01/2038 (d) |
|
|
|
|
7,900 |
|
|
|
|
|
8,556 |
|
Highlands County, Florida Health Facilities Authority Revenue Bonds, Series
2008 |
|
5.625% due 11/15/2037 |
|
|
|
|
3,000 |
|
|
|
|
|
3,435 |
|
Orlando-Orange County, Florida Expressway Authority Revenue Bonds, Series
2010 |
|
5.000% due 07/01/2040 |
|
|
|
|
10,000 |
|
|
|
|
|
11,333 |
|
Sarasota County, Florida Health Facilities Authority Revenue Bonds, Series
2007 |
|
5.750% due 07/01/2037 |
|
|
|
|
500 |
|
|
|
|
|
505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEORGIA 4.0% |
|
Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2010 |
|
5.000% due 01/01/2040 |
|
|
|
|
1,500 |
|
|
|
|
|
1,679 |
|
Atlanta Development Authority, Georgia Revenue Bonds, Series 2015 |
|
5.000% due 07/01/2044 |
|
|
|
|
3,895 |
|
|
|
|
|
4,572 |
|
Medical Center Hospital Authority, Georgia Revenue Bonds, Series 2007 |
|
5.250% due 07/01/2037 |
|
|
|
|
2,775 |
|
|
|
|
|
2,826 |
|
Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 |
|
5.000% due 07/01/2060 |
|
|
|
|
19,680 |
|
|
|
|
|
23,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ILLINOIS 11.3% |
|
Chicago, Illinois General Obligation Bonds, Series 2007 |
|
5.500% due 01/01/2035 |
|
|
|
|
10,000 |
|
|
|
|
|
10,300 |
|
5.500% due 01/01/2042 |
|
|
|
|
1,250 |
|
|
|
|
|
1,275 |
|
Chicago, Illinois General Obligation Bonds, Series 2015 |
|
5.375% due 01/01/2029 |
|
|
|
|
15,100 |
|
|
|
|
|
15,635 |
|
5.500% due 01/01/2034 |
|
|
|
|
5,200 |
|
|
|
|
|
5,363 |
|
Chicago, Illinois Motor Fuel Tax Revenue Bonds, (AGC Insured), Series 2008 |
|
5.000% due 01/01/2038 |
|
|
|
|
1,250 |
|
|
|
|
|
1,309 |
|
Chicago, Illinois Revenue Bonds, Series 2002 |
|
5.000% due 01/01/2029 |
|
|
|
|
2,000 |
|
|
|
|
|
2,217 |
|
Chicago, Illinois Special Assessment Bonds, Series 2003 |
|
6.625% due 12/01/2022 |
|
|
|
|
2,108 |
|
|
|
|
|
2,113 |
|
6.750% due 12/01/2032 |
|
|
|
|
5,388 |
|
|
|
|
|
5,399 |
|
|
|
|
|
|
|
|
See Accompanying Notes |
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
35 |
Schedule of Investments PIMCO Municipal
Income Fund II (Cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Hillside Village, Illinois Tax Allocation Bonds, Series 2008 |
|
6.550% due 01/01/2020 |
|
$ |
|
|
2,570 |
|
|
$ |
|
|
2,747 |
|
7.000% due 01/01/2028 |
|
|
|
|
2,900 |
|
|
|
|
|
3,094 |
|
Illinois Finance Authority Revenue Bonds, Series 2007 |
|
5.750% due 05/15/2031 |
|
|
|
|
2,500 |
|
|
|
|
|
2,598 |
|
6.000% due 03/01/2037 ^ |
|
|
|
|
250 |
|
|
|
|
|
62 |
|
Illinois Finance Authority Revenue Bonds, Series 2009 |
|
5.500% due 07/01/2037 (d) |
|
|
|
|
5,000 |
|
|
|
|
|
5,477 |
|
7.125% due 11/15/2037 |
|
|
|
|
700 |
|
|
|
|
|
826 |
|
Illinois Finance Authority Revenue Bonds, Series 2010 |
|
6.000% due 05/01/2028 |
|
|
|
|
2,000 |
|
|
|
|
|
2,278 |
|
Illinois Sports Facilities Authority Revenue Bonds, (AMBAC Insured), Series
2001 |
|
5.500% due 06/15/2030 |
|
|
|
|
26,225 |
|
|
|
|
|
26,297 |
|
Illinois State Toll Highway Authority Revenue Bonds, Series 2015 |
|
5.000% due 01/01/2033 |
|
|
|
|
3,000 |
|
|
|
|
|
3,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDIANA 2.4% |
|
|
|
|
|
|
|
|
|
|
|
|
Indiana Municipal Power Agency Revenue Bonds, Series 2016 |
|
5.000% due 01/01/2042 |
|
|
|
|
13,330 |
|
|
|
|
|
16,312 |
|
Vigo County, Indiana Hospital Authority Revenue Bonds, Series 2007 |
|
5.800% due 09/01/2047 |
|
|
|
|
990 |
|
|
|
|
|
1,017 |
|
Vigo County, Indiana Hospital Authority Revenue Bonds, Series 2011 |
|
7.500% due 09/01/2022 |
|
|
|
|
1,720 |
|
|
|
|
|
2,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IOWA 4.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Iowa Finance Authority Revenue Bonds, Series 2007 |
|
6.750% due 11/15/2042 |
|
|
|
|
4,500 |
|
|
|
|
|
4,871 |
|
Iowa Finance Authority Revenue Bonds, Series 2013 |
|
5.250% due 12/01/2025 |
|
|
|
|
6,000 |
|
|
|
|
|
6,536 |
|
Iowa Finance Authority Revenue Bonds, Series 2014 |
|
2.000% due 05/15/2056 ^ |
|
|
|
|
144 |
|
|
|
|
|
2 |
|
2.700% due 11/15/2046 ^ |
|
|
|
|
769 |
|
|
|
|
|
670 |
|
Iowa Finance Authority Revenue Notes, Series 2013 |
|
5.000% due 12/01/2019 |
|
|
|
|
5,785 |
|
|
|
|
|
6,025 |
|
5.500% due 12/01/2022 |
|
|
|
|
5,000 |
|
|
|
|
|
5,194 |
|
Iowa Tobacco Settlement Authority Revenue Bonds, Series 2005 |
|
5.600% due 06/01/2034 |
|
|
|
|
10,350 |
|
|
|
|
|
10,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANSAS 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Kansas Development Finance Authority Revenue Bonds, Series 2009 |
|
5.750% due 11/15/2038 |
|
|
|
|
500 |
|
|
|
|
|
575 |
|
Manhattan, Kansas Revenue Bonds, Series 2007 |
|
5.000% due 05/15/2036 |
|
|
|
|
850 |
|
|
|
|
|
855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KENTUCKY 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority Revenue Bonds, Series 2010 |
|
6.375% due 06/01/2040 |
|
|
|
|
1,000 |
|
|
|
|
|
1,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOUISIANA 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
Bonds, Series 2010 |
|
5.875% due 10/01/2040 |
|
|
|
|
750 |
|
|
|
|
|
887 |
|
6.000% due 10/01/2044 |
|
|
|
|
1,000 |
|
|
|
|
|
1,185 |
|
6.500% due 11/01/2035 |
|
|
|
|
450 |
|
|
|
|
|
541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Louisiana Public Facilities Authority Revenue Bonds, Series 2007 |
|
5.500% due 05/15/2047 |
|
$ |
|
|
3,300 |
|
|
$ |
|
|
3,429 |
|
Louisiana Public Facilities Authority Revenue Bonds, Series 2011 |
|
6.500% due 05/15/2037 |
|
|
|
|
2,000 |
|
|
|
|
|
2,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARYLAND 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series
2008 |
|
6.000% due 01/01/2043 |
|
|
|
|
4,050 |
|
|
|
|
|
4,369 |
|
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series
2010 |
|
6.250% due 01/01/2041 |
|
|
|
|
1,400 |
|
|
|
|
|
1,672 |
|
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series
2011 |
|
5.000% due 08/15/2041 |
|
|
|
|
2,380 |
|
|
|
|
|
2,739 |
|
Maryland Stadium Authority Revenue Bonds, Series 2016 |
|
5.000% due 05/01/2030 |
|
|
|
|
3,000 |
|
|
|
|
|
3,827 |
|
5.000% due 05/01/2046 |
|
|
|
|
2,000 |
|
|
|
|
|
2,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MASSACHUSETTS 0.6% |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2010 |
|
7.000% due 07/01/2042 |
|
|
|
|
1,000 |
|
|
|
|
|
1,121 |
|
7.625% due 10/15/2037 |
|
|
|
|
555 |
|
|
|
|
|
629 |
|
Massachusetts State College Building Authority Revenue Bonds,
Series 2009 |
|
5.500% due 05/01/2039 |
|
|
|
|
2,900 |
|
|
|
|
|
3,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MICHIGAN 0.6% |
|
Detroit, Michigan General Obligation Bonds, Series 2010 |
|
5.250% due 11/01/2035 |
|
|
|
|
1,000 |
|
|
|
|
|
1,072 |
|
Michigan Public Educational Facilities Authority Revenue Bonds,
Series 2007 |
|
6.500% due 09/01/2037 ^ |
|
|
|
|
800 |
|
|
|
|
|
561 |
|
Royal Oak Hospital Finance Authority, Michigan Revenue Bonds,
Series 2009 |
|
8.250% due 09/01/2039 |
|
|
|
|
3,000 |
|
|
|
|
|
3,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINNESOTA 0.4% |
|
North Oaks, Minnesota Revenue Bonds, Series 2007 |
|
6.000% due 10/01/2033 |
|
|
|
|
2,640 |
|
|
|
|
|
2,745 |
|
St Louis Park, Minnesota Revenue Bonds, Series 2009 |
|
5.750% due 07/01/2039 |
|
|
|
|
400 |
|
|
|
|
|
459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MISSISSIPPI 0.0% |
|
Mississippi Development Bank Revenue Bonds, (AMBAC Insured), Series 1999 |
|
5.000% due 07/01/2024 |
|
|
|
|
40 |
|
|
|
|
|
43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MISSOURI 1.5% |
|
Lees Summit, Missouri Tax Allocation Bonds, Series 2011 |
|
5.625% due 10/01/2023 |
|
|
|
|
340 |
|
|
|
|
|
345 |
|
Missouri State Health & Educational Facilities Authority Revenue Bonds, Series
2013 |
|
5.000% due 11/15/2044 |
|
|
|
|
10,000 |
|
|
|
|
|
11,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
NEW HAMPSHIRE 0.3% |
|
New Hampshire Business Finance Authority Revenue Bonds, Series 2009 |
|
6.125% due 10/01/2039 |
|
$ |
|
|
2,000 |
|
|
$ |
|
|
2,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW JERSEY 8.0% |
|
Burlington County, New Jersey Bridge Commission Revenue Bonds, Series 2007 |
|
5.625% due 01/01/2038 |
|
|
|
|
950 |
|
|
|
|
|
1,001 |
|
New Jersey Economic Development Authority Revenue Bonds, Series 1998 |
|
6.000% due 05/15/2028 ^ |
|
|
|
|
525 |
|
|
|
|
|
309 |
|
New Jersey Economic Development Authority Revenue Bonds, Series 2010 |
|
5.875% due 06/01/2042 |
|
|
|
|
2,000 |
|
|
|
|
|
2,240 |
|
New Jersey Economic Development Authority Special Assessment Bonds, Series
2002 |
|
5.750% due 10/01/2021 |
|
|
|
|
4,000 |
|
|
|
|
|
4,437 |
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series
2007 |
|
5.750% due 07/01/2037 |
|
|
|
|
1,500 |
|
|
|
|
|
1,605 |
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series
2011 |
|
6.000% due 07/01/2037 |
|
|
|
|
1,500 |
|
|
|
|
|
1,814 |
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series
2013 |
|
5.500% due 07/01/2043 |
|
|
|
|
4,000 |
|
|
|
|
|
4,785 |
|
New Jersey State Turnpike Authority Revenue Bonds, Series 2009 |
|
5.250% due 01/01/2040 |
|
|
|
|
2,000 |
|
|
|
|
|
2,214 |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2015 |
|
5.250% due 06/15/2041 |
|
|
|
|
750 |
|
|
|
|
|
858 |
|
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2007 |
|
4.750% due 06/01/2034 |
|
|
|
|
14,255 |
|
|
|
|
|
14,085 |
|
5.000% due 06/01/2041 |
|
|
|
|
31,475 |
|
|
|
|
|
30,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW MEXICO 0.3% |
|
Farmington, New Mexico Revenue Bonds, Series 2010 |
|
5.900% due 06/01/2040 |
|
|
|
|
2,000 |
|
|
|
|
|
2,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK 19.8% |
|
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2011 |
|
5.250% due 02/15/2047 |
|
|
|
|
33,500 |
|
|
|
|
|
37,844 |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2011 |
|
5.000% due 11/15/2036 |
|
|
|
|
3,880 |
|
|
|
|
|
4,553 |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 |
|
5.250% due 11/15/2029 |
|
|
|
|
5,500 |
|
|
|
|
|
7,095 |
|
Nassau County, New York Industrial Development Agency Revenue Bonds, Series
2014 |
|
2.000% due 01/01/2049 ^ |
|
|
|
|
298 |
|
|
|
|
|
37 |
|
6.700% due 01/01/2049 |
|
|
|
|
825 |
|
|
|
|
|
825 |
|
New York City, New York Water & Sewer System Revenue Bonds,
Series 2007 |
|
4.750% due 06/15/2035 (d) |
|
|
|
|
4,000 |
|
|
|
|
|
4,140 |
|
New York City, New York Water & Sewer System Revenue Bonds,
Series 2009 |
|
5.000% due 06/15/2039 |
|
|
|
|
2,000 |
|
|
|
|
|
2,236 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2005 |
|
5.250% due 10/01/2035 (d) |
|
|
|
|
11,505 |
|
|
|
|
|
15,510 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2010 |
|
5.125% due 01/15/2044 |
|
|
|
|
1,000 |
|
|
|
|
|
1,133 |
|
5.625% due 07/15/2047 |
|
|
|
|
2,500 |
|
|
|
|
|
2,889 |
|
6.375% due 07/15/2049 |
|
|
|
|
1,250 |
|
|
|
|
|
1,416 |
|
|
|
|
|
|
|
|
|
|
36 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
New York Liberty Development Corp. Revenue Bonds, Series 2011 |
|
5.000% due 12/15/2041 |
|
$ |
|
|
10,000 |
|
|
$ |
|
|
11,920 |
|
5.750% due 11/15/2051 |
|
|
|
|
54,000 |
|
|
|
|
|
64,542 |
|
New York Liberty Development Corp. Revenue Bonds, Series
2014 |
|
5.000% due 11/15/2044 |
|
|
|
|
2,000 |
|
|
|
|
|
2,321 |
|
New York State Dormitory Authority Revenue Bonds, Series
2010 |
|
5.500% due 07/01/2040 |
|
|
|
|
1,750 |
|
|
|
|
|
2,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
158,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH CAROLINA 0.1% |
|
North Carolina Medical Care Commission Revenue Bonds, Series
2006 |
|
5.100% due 10/01/2030 |
|
|
|
|
550 |
|
|
|
|
|
554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH DAKOTA 0.5% |
|
Stark County, North Dakota Revenue Bonds, Series 2007 |
|
6.750% due 01/01/2033 |
|
|
|
|
3,710 |
|
|
|
|
|
3,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OHIO 10.2% |
|
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series
2007 |
|
5.125% due 06/01/2024 |
|
|
|
|
6,000 |
|
|
|
|
|
5,887 |
|
5.875% due 06/01/2047 |
|
|
|
|
23,100 |
|
|
|
|
|
22,920 |
|
6.500% due 06/01/2047 |
|
|
|
|
29,400 |
|
|
|
|
|
30,173 |
|
Hamilton County, Ohio Sales Tax Revenue Bonds, Series 2011 |
|
5.000% due 12/01/2030 |
|
|
|
|
3,900 |
|
|
|
|
|
4,494 |
|
Ohio State Revenue Bonds, Series 2009 |
|
5.500% due 01/01/2039 |
|
|
|
|
3,000 |
|
|
|
|
|
3,354 |
|
Ohio State Turnpike Commission Revenue Bonds, Series 2013 |
|
5.000% due 02/15/2048 |
|
|
|
|
10,000 |
|
|
|
|
|
11,760 |
|
Ohio State Water Development Authority Revenue Bonds, Series 2005 |
|
4.000% due 01/01/2034 |
|
|
|
|
2,500 |
|
|
|
|
|
2,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OREGON 0.3% |
|
Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series
2009 |
|
5.500% due 07/15/2035 |
|
|
|
|
1,000 |
|
|
|
|
|
1,131 |
|
Oregon Department of Administrative Services State Certificates of Participation Bonds, Series
2009 |
|
5.250% due 05/01/2039 |
|
|
|
|
1,155 |
|
|
|
|
|
1,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENNSYLVANIA 9.7% |
|
Berks County, Pennsylvania Municipal Authority Revenue Bonds, Series 2012 |
|
5.000% due 11/01/2044 |
|
|
|
|
7,500 |
|
|
|
|
|
8,628 |
|
Capital Region Water, Pennsylvania Revenue Bonds, Series 2007 |
|
6.000% due 09/01/2036 ^ |
|
|
|
|
3,190 |
|
|
|
|
|
2,880 |
|
Cumberland County, Pennsylvania Municipal Authority Revenue Bonds, Series
2008 |
|
5.625% due 07/01/2028 |
|
|
|
|
1,000 |
|
|
|
|
|
1,079 |
|
6.000% due 07/01/2035 |
|
|
|
|
670 |
|
|
|
|
|
728 |
|
Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series
2009 |
|
5.500% due 12/01/2039 |
|
|
|
|
500 |
|
|
|
|
|
568 |
|
Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, (FHA Insured),
Series 2010 |
|
5.375% due 08/01/2038 |
|
|
|
|
8,465 |
|
|
|
|
|
9,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series
2010 |
|
5.000% due 03/01/2040 |
|
$ |
|
|
400 |
|
|
$ |
|
|
445 |
|
6.000% due 07/01/2043 |
|
|
|
|
850 |
|
|
|
|
|
935 |
|
Pennsylvania Turnpike Commission Revenue Bonds, Series 2013 |
|
5.000% due 12/01/2043 |
|
|
|
|
10,000 |
|
|
|
|
|
11,873 |
|
Pennsylvania Turnpike Commission Revenue Bonds, Series 2015 |
|
5.000% due 12/01/2040 |
|
|
|
|
4,000 |
|
|
|
|
|
4,807 |
|
Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series
2015 |
|
5.000% due 04/01/2045 |
|
|
|
|
5,500 |
|
|
|
|
|
6,573 |
|
Philadelphia Hospitals & Higher Education Facilities Authority, Pennsylvania Revenue Bonds,
Series 2012 |
|
5.625% due 07/01/2036 |
|
|
|
|
1,000 |
|
|
|
|
|
1,125 |
|
5.625% due 07/01/2042 |
|
|
|
|
7,000 |
|
|
|
|
|
7,797 |
|
Philadelphia, Pennsylvania General Obligation Bonds, (AGM Insured), Series
2008 |
|
5.250% due 12/15/2032 |
|
|
|
|
17,000 |
|
|
|
|
|
18,686 |
|
Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, Series 2009 |
|
5.250% due 01/01/2036 |
|
|
|
|
500 |
|
|
|
|
|
547 |
|
Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series
2010 |
|
5.125% due 07/01/2030 |
|
|
|
|
1,000 |
|
|
|
|
|
1,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RHODE ISLAND 2.9% |
|
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 |
|
5.000% due 06/01/2050 |
|
|
|
|
21,450 |
|
|
|
|
|
22,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTH CAROLINA 1.6% |
|
Greenwood County, South Carolina Revenue Bonds, Series 2009 |
|
5.375% due 10/01/2039 |
|
|
|
|
1,000 |
|
|
|
|
|
1,124 |
|
South Carolina State Public Service Authority Revenue Bonds, Series 2013 |
|
5.500% due 12/01/2053 |
|
|
|
|
10,000 |
|
|
|
|
|
11,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TENNESSEE 1.8% |
|
Claiborne County, Tennessee Industrial Development Board Revenue Bonds, Series
2009 |
|
6.625% due 10/01/2039 |
|
|
|
|
1,750 |
|
|
|
|
|
1,954 |
|
Johnson City Health & Educational Facilities Board, Tennessee Revenue Bonds, Series
2010 |
|
6.000% due 07/01/2038 |
|
|
|
|
1,000 |
|
|
|
|
|
1,137 |
|
Sullivan County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds,
Series 2006 |
|
5.250% due 09/01/2036 |
|
|
|
|
500 |
|
|
|
|
|
504 |
|
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006 |
|
5.000% due 02/01/2023 |
|
|
|
|
3,000 |
|
|
|
|
|
3,613 |
|
5.000% due 02/01/2027 |
|
|
|
|
6,000 |
|
|
|
|
|
7,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXAS 15.2% |
|
Dallas, Texas Civic Center Revenue Bonds, (AGC Insured), Series 2009 |
|
5.250% due 08/15/2038 |
|
|
|
|
2,500 |
|
|
|
|
|
2,788 |
|
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2013 |
|
5.000% due 04/01/2053 |
|
|
|
|
21,000 |
|
|
|
|
|
24,485 |
|
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series
2009 |
|
5.250% due 10/01/2029 |
|
|
|
|
3,750 |
|
|
|
|
|
4,270 |
|
5.500% due 10/01/2039 |
|
|
|
|
12,700 |
|
|
|
|
|
14,476 |
|
HFDC of Central Texas, Inc. Revenue Bonds, Series 2006 |
|
5.500% due 02/15/2037 |
|
|
|
|
700 |
|
|
|
|
|
721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
North Harris County, Texas Regional Water Authority Revenue Bonds, Series
2008 |
|
5.250% due 12/15/2033 |
|
$ |
|
|
10,300 |
|
|
$ |
|
|
11,327 |
|
5.500% due 12/15/2038 |
|
|
|
|
10,300 |
|
|
|
|
|
11,363 |
|
North Texas Tollway Authority Revenue Bonds, Series 2008 |
|
5.625% due 01/01/2033 |
|
|
|
|
5,000 |
|
|
|
|
|
5,364 |
|
5.750% due 01/01/2033 |
|
|
|
|
1,200 |
|
|
|
|
|
1,291 |
|
North Texas Tollway Authority Revenue Bonds, Series 2011 |
|
5.000% due 01/01/2038 |
|
|
|
|
5,750 |
|
|
|
|
|
6,487 |
|
5.500% due 09/01/2041 |
|
|
|
|
1,300 |
|
|
|
|
|
1,554 |
|
San Juan Higher Education Finance Authority, Texas Revenue Bonds, Series 2010 |
|
6.700% due 08/15/2040 |
|
|
|
|
250 |
|
|
|
|
|
298 |
|
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series
2009 |
|
6.250% due 11/15/2029 |
|
|
|
|
3,000 |
|
|
|
|
|
3,383 |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008 |
|
6.250% due 12/15/2026 |
|
|
|
|
19,380 |
|
|
|
|
|
25,111 |
|
Texas State General Obligation Bonds, Series 2008 |
|
4.750% due 04/01/2037 |
|
|
|
|
975 |
|
|
|
|
|
1,043 |
|
Texas State General Obligation Bonds, Series 2010 |
|
8.505% due 04/01/2037 (e) |
|
|
|
|
4,880 |
|
|
|
|
|
5,473 |
|
Texas State Public Finance Authority Charter School Finance Corp. Revenue Bonds, Series
2007 |
|
5.875% due 12/01/2036 |
|
|
|
|
1,000 |
|
|
|
|
|
1,056 |
|
Wise County, Texas Revenue Bonds, Series 2011 |
|
8.000% due 08/15/2034 |
|
|
|
|
1,000 |
|
|
|
|
|
1,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
121,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VIRGINIA 0.3% |
|
Fairfax County, Virginia Industrial Development Authority Revenue Bonds, Series
2009 |
|
5.500% due 05/15/2035 |
|
|
|
|
1,000 |
|
|
|
|
|
1,131 |
|
James City County, Virginia Economic Development Authority Revenue Bonds, Series
2013 |
|
2.000% due 10/01/2048 ^ |
|
|
|
|
412 |
|
|
|
|
|
30 |
|
6.000% due 06/01/2043 |
|
|
|
|
1,273 |
|
|
|
|
|
1,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WASHINGTON 2.0% |
|
Washington Health Care Facilities Authority Revenue Bonds, (AGC Insured), Series
2008 |
|
6.000% due 08/15/2039 |
|
|
|
|
1,300 |
|
|
|
|
|
1,507 |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2007 |
|
6.125% due 08/15/2037 |
|
|
|
|
13,000 |
|
|
|
|
|
13,655 |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2009 |
|
7.375% due 03/01/2038 |
|
|
|
|
1,000 |
|
|
|
|
|
1,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEST VIRGINIA 0.5% |
|
West Virginia Economic Development Authority Revenue Bonds, Series 2010 |
|
5.375% due 12/01/2038 |
|
|
|
|
2,000 |
|
|
|
|
|
2,246 |
|
West Virginia Hospital Finance Authority Revenue Bonds, Series 2011 |
|
9.125% due 10/01/2041 |
|
|
|
|
1,910 |
|
|
|
|
|
1,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WISCONSIN 0.2% |
|
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series
2009 |
|
6.625% due 02/15/2039 |
|
|
|
|
1,000 |
|
|
|
|
|
1,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds & Notes (Cost $1,022,648) |
|
|
|
|
|
1,176,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Accompanying Notes |
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
37 |
Schedule of Investments PIMCO Municipal
Income Fund II (Cont.)
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
SHORT-TERM INSTRUMENTS 0.8% |
|
|
|
SHORT-TERM NOTES 0.8% |
|
Federal Home Loan Bank |
|
0.304% due 08/03/2016 (a)(b) |
|
$ |
|
|
1,200 |
|
|
$ |
|
|
1,200 |
|
0.325% due 08/10/2016 (a)(b) |
|
|
|
|
2,700 |
|
|
|
|
|
2,699 |
|
0.335% due 07/21/2016 (a)(b) |
|
|
|
|
2,900 |
|
|
|
|
|
2,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Instruments (Cost $6,798) |
|
|
|
|
|
6,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities (Cost $1,029,446) |
|
|
|
|
|
1,183,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 147.8% (Cost $1,029,446) |
|
|
$ |
|
|
1,183,303 |
|
|
|
Preferred Shares (45.9)% |
|
|
|
|
|
(367,000 |
) |
|
|
Other Assets and Liabilities, net (1.9)% |
|
|
|
|
|
(15,913 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders 100.0% |
|
|
$ |
|
|
800,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
Security is in default. |
(a) |
Zero coupon security. |
(b) |
Coupon represents a yield to maturity. |
(c) |
Security becomes interest bearing at a future date. |
(d) |
Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund
sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction. See Note 5(b) in the Notes to Financial Statements for more information.
|
(e) |
Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown
bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on June 30, 2016. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to
the inputs used as of June 30, 2016 in valuing the Funds assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category and Subcategory |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value at 06/30/2016 |
|
Investments in Securities, at Value |
|
|
|
|
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama |
|
$ |
0 |
|
|
$ |
47,329 |
|
|
$ |
0 |
|
|
$ |
47,329 |
|
Arizona |
|
|
0 |
|
|
|
101,962 |
|
|
|
0 |
|
|
|
101,962 |
|
California |
|
|
0 |
|
|
|
145,979 |
|
|
|
0 |
|
|
|
145,979 |
|
Colorado |
|
|
0 |
|
|
|
16,334 |
|
|
|
0 |
|
|
|
16,334 |
|
Connecticut |
|
|
0 |
|
|
|
2,575 |
|
|
|
0 |
|
|
|
2,575 |
|
Florida |
|
|
0 |
|
|
|
45,759 |
|
|
|
0 |
|
|
|
45,759 |
|
Georgia |
|
|
0 |
|
|
|
32,242 |
|
|
|
0 |
|
|
|
32,242 |
|
Illinois |
|
|
0 |
|
|
|
90,685 |
|
|
|
0 |
|
|
|
90,685 |
|
Indiana |
|
|
0 |
|
|
|
19,336 |
|
|
|
0 |
|
|
|
19,336 |
|
Iowa |
|
|
0 |
|
|
|
33,707 |
|
|
|
0 |
|
|
|
33,707 |
|
Kansas |
|
|
0 |
|
|
|
1,430 |
|
|
|
0 |
|
|
|
1,430 |
|
Kentucky |
|
|
0 |
|
|
|
1,148 |
|
|
|
0 |
|
|
|
1,148 |
|
Louisiana |
|
|
0 |
|
|
|
8,561 |
|
|
|
0 |
|
|
|
8,561 |
|
Maryland |
|
|
0 |
|
|
|
15,073 |
|
|
|
0 |
|
|
|
15,073 |
|
Massachusetts |
|
|
0 |
|
|
|
5,040 |
|
|
|
0 |
|
|
|
5,040 |
|
Michigan |
|
|
0 |
|
|
|
5,118 |
|
|
|
0 |
|
|
|
5,118 |
|
Minnesota |
|
|
0 |
|
|
|
3,204 |
|
|
|
0 |
|
|
|
3,204 |
|
Mississippi |
|
|
0 |
|
|
|
43 |
|
|
|
0 |
|
|
|
43 |
|
Missouri |
|
|
0 |
|
|
|
11,899 |
|
|
|
0 |
|
|
|
11,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category and Subcategory |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value at 06/30/2016 |
|
New Hampshire |
|
$ |
0 |
|
|
$ |
2,254 |
|
|
$ |
0 |
|
|
$ |
2,254 |
|
New Jersey |
|
|
0 |
|
|
|
64,120 |
|
|
|
0 |
|
|
|
64,120 |
|
New Mexico |
|
|
0 |
|
|
|
2,275 |
|
|
|
0 |
|
|
|
2,275 |
|
New York |
|
|
0 |
|
|
|
158,496 |
|
|
|
0 |
|
|
|
158,496 |
|
North Carolina |
|
|
0 |
|
|
|
554 |
|
|
|
0 |
|
|
|
554 |
|
North Dakota |
|
|
0 |
|
|
|
3,849 |
|
|
|
0 |
|
|
|
3,849 |
|
Ohio |
|
|
0 |
|
|
|
81,185 |
|
|
|
0 |
|
|
|
81,185 |
|
Oregon |
|
|
0 |
|
|
|
2,430 |
|
|
|
0 |
|
|
|
2,430 |
|
Pennsylvania |
|
|
0 |
|
|
|
77,781 |
|
|
|
0 |
|
|
|
77,781 |
|
Rhode Island |
|
|
0 |
|
|
|
22,811 |
|
|
|
0 |
|
|
|
22,811 |
|
South Carolina |
|
|
0 |
|
|
|
13,117 |
|
|
|
0 |
|
|
|
13,117 |
|
Tennessee |
|
|
0 |
|
|
|
14,695 |
|
|
|
0 |
|
|
|
14,695 |
|
Texas |
|
|
0 |
|
|
|
121,664 |
|
|
|
0 |
|
|
|
121,664 |
|
Virginia |
|
|
0 |
|
|
|
2,387 |
|
|
|
0 |
|
|
|
2,387 |
|
Washington |
|
|
0 |
|
|
|
16,331 |
|
|
|
0 |
|
|
|
16,331 |
|
West Virginia |
|
|
0 |
|
|
|
3,981 |
|
|
|
0 |
|
|
|
3,981 |
|
Wisconsin |
|
|
0 |
|
|
|
1,150 |
|
|
|
0 |
|
|
|
1,150 |
|
Short-Term Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Notes |
|
|
0 |
|
|
|
6,799 |
|
|
|
0 |
|
|
|
6,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
0 |
|
|
$ |
1,183,303 |
|
|
$ |
0 |
|
|
$ |
1,183,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no
significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.
|
|
|
|
|
|
|
|
|
38 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
Schedule of Investments PIMCO Municipal Income Fund III
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
INVESTMENTS IN SECURITIES 154.5% |
|
|
|
MUNICIPAL BONDS & NOTES 153.4% |
|
|
|
ALABAMA 15.8% |
|
Alabama Docks Department State Revenue Bonds, Series 2010 |
|
6.000% due 10/01/2040 |
|
$ |
|
|
1,000 |
|
|
$ |
|
|
1,198 |
|
Alabama Special Care Facilities Financing Authority-Birmingham, Alabama Revenue Bonds, (AGC
Insured), Series 2009 |
|
6.000% due 06/01/2039 |
|
|
|
|
500 |
|
|
|
|
|
574 |
|
Jefferson County, Alabama Sewer Revenue Bonds, Series 2013 |
|
0.000% due 10/01/2050 (c) |
|
|
|
|
48,000 |
|
|
|
|
|
37,521 |
|
6.500% due 10/01/2053 |
|
|
|
|
15,000 |
|
|
|
|
|
18,781 |
|
Lower Alabama Gas District Revenue Bonds, Series 2016 |
|
5.000% due 09/01/2046 |
|
|
|
|
2,000 |
|
|
|
|
|
2,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARIZONA 12.1% |
|
Arizona Health Facilities Authority Revenue Bonds, Series 2007 |
|
5.200% due 10/01/2037 |
|
|
|
|
2,250 |
|
|
|
|
|
2,260 |
|
Arizona Health Facilities Authority Revenue Bonds, Series 2008 |
|
5.000% due 01/01/2035 |
|
|
|
|
1,250 |
|
|
|
|
|
1,324 |
|
5.500% due 01/01/2038 |
|
|
|
|
900 |
|
|
|
|
|
964 |
|
Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series
2008 |
|
5.000% due 09/01/2039 (d) |
|
|
|
|
13,000 |
|
|
|
|
|
13,738 |
|
Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series
2010 |
|
5.250% due 10/01/2040 |
|
|
|
|
750 |
|
|
|
|
|
832 |
|
Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series
2009 |
|
5.000% due 01/01/2039 (d) |
|
|
|
|
5,000 |
|
|
|
|
|
5,478 |
|
Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007 |
|
5.000% due 12/01/2037 |
|
|
|
|
11,600 |
|
|
|
|
|
15,093 |
|
Tender Option Bond Trust Receipts/Certificates, Arizona Revenue Bonds, Series
2010 |
|
8.890% due 09/01/2039 (e) |
|
|
|
|
6,500 |
|
|
|
|
|
7,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA 25.3% |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2008 |
|
5.000% due 04/01/2034 |
|
|
|
|
500 |
|
|
|
|
|
538 |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2010 |
|
5.000% due 10/01/2029 |
|
|
|
|
1,500 |
|
|
|
|
|
1,722 |
|
5.000% due 10/01/2042 |
|
|
|
|
3,260 |
|
|
|
|
|
3,686 |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2013 |
|
5.250% due 04/01/2053 |
|
|
|
|
12,000 |
|
|
|
|
|
14,042 |
|
California Health Facilities Financing Authority Revenue Bonds, (IBC/NPFGC Insured),
Series 2007 |
|
5.000% due 11/15/2042 |
|
|
|
|
600 |
|
|
|
|
|
610 |
|
California Health Facilities Financing Authority Revenue Bonds,
Series 2009 |
|
6.000% due 07/01/2039 |
|
|
|
|
2,500 |
|
|
|
|
|
2,875 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2011 |
|
6.000% due 08/15/2042 |
|
|
|
|
1,500 |
|
|
|
|
|
1,825 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2013 |
|
5.000% due 08/15/2052 |
|
|
|
|
2,015 |
|
|
|
|
|
2,392 |
|
California Municipal Finance Authority Revenue Bonds, Series 2011 |
|
7.750% due 04/01/2031 |
|
|
|
|
1,325 |
|
|
|
|
|
1,669 |
|
California State General Obligation Bonds, Series 2007 |
|
5.000% due 06/01/2037 |
|
|
|
|
5,000 |
|
|
|
|
|
5,204 |
|
5.000% due 12/01/2037 |
|
|
|
|
5,300 |
|
|
|
|
|
5,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
California State General Obligation Bonds, Series 2008 |
|
5.250% due 03/01/2038 |
|
$ |
|
|
1,350 |
|
|
$ |
|
|
1,449 |
|
California State General Obligation Bonds, Series 2009 |
|
5.750% due 04/01/2031 |
|
|
|
|
2,500 |
|
|
|
|
|
2,835 |
|
6.000% due 04/01/2038 |
|
|
|
|
5,000 |
|
|
|
|
|
5,696 |
|
California State General Obligation Bonds, Series 2010 |
|
5.250% due 11/01/2040 |
|
|
|
|
1,300 |
|
|
|
|
|
1,529 |
|
5.500% due 03/01/2040 |
|
|
|
|
3,200 |
|
|
|
|
|
3,713 |
|
California Statewide Communities Development Authority Revenue Bonds, (FHA Insured),
Series 2009 |
|
6.625% due 08/01/2029 |
|
|
|
|
2,580 |
|
|
|
|
|
3,039 |
|
6.750% due 02/01/2038 |
|
|
|
|
9,200 |
|
|
|
|
|
10,872 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2007 |
|
5.750% due 11/01/2017 |
|
|
|
|
880 |
|
|
|
|
|
914 |
|
California Statewide Communities Development Authority Revenue Bonds,
Series 2010 |
|
6.250% due 10/01/2039 |
|
|
|
|
1,000 |
|
|
|
|
|
1,155 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2011 |
|
5.000% due 12/01/2041 |
|
|
|
|
3,000 |
|
|
|
|
|
3,534 |
|
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series
2007 |
|
5.125% due 06/01/2047 |
|
|
|
|
3,600 |
|
|
|
|
|
3,601 |
|
5.750% due 06/01/2047 |
|
|
|
|
1,120 |
|
|
|
|
|
1,145 |
|
Indian Wells Redevelopment Agency, California Tax Allocation Bonds, (AMBAC Insured), Series
2006 |
|
4.750% due 09/01/2034 |
|
|
|
|
3,350 |
|
|
|
|
|
3,368 |
|
Los Angeles Community College District, California General Obligation Bonds, Series
2009 |
|
12.984% due 08/01/2033 (e) |
|
|
|
|
1,675 |
|
|
|
|
|
2,118 |
|
M-S-R Energy Authority, California Revenue Bonds, Series 2009 |
|
6.500% due 11/01/2039 |
|
|
|
|
2,000 |
|
|
|
|
|
3,057 |
|
Palomar Health, California Certificates of Participation Bonds, Series 2009 |
|
6.750% due 11/01/2039 |
|
|
|
|
1,250 |
|
|
|
|
|
1,388 |
|
San Marcos Unified School District, California General Obligation Bonds, Series
2011 |
|
5.000% due 08/01/2038 |
|
|
|
|
1,600 |
|
|
|
|
|
1,860 |
|
Tobacco Securitization Authority of Southern California Revenue Bonds, Series
2006 |
|
5.000% due 06/01/2037 |
|
|
|
|
6,200 |
|
|
|
|
|
6,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
97,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLORADO 0.9% |
|
Colorado Health Facilities Authority Revenue Bonds, Series 2010 |
|
5.000% due 01/01/2040 |
|
|
|
|
2,000 |
|
|
|
|
|
2,209 |
|
Public Authority for Colorado Energy Revenue Bonds, Series 2008 |
|
6.500% due 11/15/2038 |
|
|
|
|
500 |
|
|
|
|
|
749 |
|
Regional Transportation District, Colorado Revenue Bonds, Series 2010 |
|
6.000% due 01/15/2034 |
|
|
|
|
500 |
|
|
|
|
|
583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONNECTICUT 0.4% |
|
Harbor Point Infrastructure Improvement District, Connecticut Tax Allocation Bonds, Series
2010 |
|
7.875% due 04/01/2039 |
|
|
|
|
1,250 |
|
|
|
|
|
1,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRICT OF COLUMBIA 2.9% |
|
District of Columbia Water & Sewer Authority Revenue Bonds, Series 2009 |
|
5.500% due 10/01/2039 (d) |
|
|
|
|
10,000 |
|
|
|
|
|
11,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLORIDA 5.2% |
|
Broward County, Florida Airport System Revenue Bonds, Series 2009 |
|
5.375% due 10/01/2029 |
|
|
|
|
500 |
|
|
|
|
|
567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Broward County, Florida Water & Sewer Utility Revenue Bonds, Series 2009 |
|
5.250% due 10/01/2034 (d) |
|
$ |
|
|
4,500 |
|
|
$ |
|
|
4,956 |
|
Cape Coral, Florida Water & Sewer Revenue Bonds, (AGM Insured), Series
2011 |
|
5.000% due 10/01/2041 |
|
|
|
|
3,000 |
|
|
|
|
|
3,460 |
|
Florida Development Finance Corp. Revenue Notes, Series 2011 |
|
6.500% due 06/15/2021 |
|
|
|
|
260 |
|
|
|
|
|
290 |
|
Florida State General Obligation Bonds, Series 2009 |
|
5.000% due 06/01/2038 (d) |
|
|
|
|
4,200 |
|
|
|
|
|
4,549 |
|
Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2010 |
|
9.019% due 10/01/2039 (e) |
|
|
|
|
5,000 |
|
|
|
|
|
6,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEORGIA 3.6% |
|
Fulton County, Georgia Residential Care Facilities for the Elderly Authority Revenue Bonds,
Series 2006 |
|
5.125% due 07/01/2042 |
|
|
|
|
1,750 |
|
|
|
|
|
1,762 |
|
Medical Center Hospital Authority, Georgia Revenue Bonds, Series 2007 |
|
5.250% due 07/01/2037 |
|
|
|
|
400 |
|
|
|
|
|
407 |
|
Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 |
|
5.000% due 07/01/2060 |
|
|
|
|
10,000 |
|
|
|
|
|
11,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HAWAII 0.4% |
|
Hawaii Pacific Health Revenue Bonds, Series 2010 |
|
5.500% due 07/01/2040 |
|
|
|
|
1,500 |
|
|
|
|
|
1,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ILLINOIS 7.3% |
|
Chicago, Illinois General Obligation Bonds, Series 2007 |
|
5.500% due 01/01/2035 |
|
|
|
|
2,400 |
|
|
|
|
|
2,472 |
|
5.500% due 01/01/2042 |
|
|
|
|
1,000 |
|
|
|
|
|
1,021 |
|
Chicago, Illinois General Obligation Bonds, Series 2015 |
|
5.375% due 01/01/2029 |
|
|
|
|
7,200 |
|
|
|
|
|
7,455 |
|
5.500% due 01/01/2034 |
|
|
|
|
2,500 |
|
|
|
|
|
2,579 |
|
Chicago, Illinois Revenue Bonds, Series 2002 |
|
5.000% due 01/01/2027 |
|
|
|
|
1,750 |
|
|
|
|
|
1,977 |
|
Illinois Finance Authority Revenue Bonds, Series 2007 |
|
5.875% due 03/01/2027 ^ |
|
|
|
|
1,000 |
|
|
|
|
|
250 |
|
6.000% due 03/01/2037 ^ |
|
|
|
|
625 |
|
|
|
|
|
156 |
|
Illinois Finance Authority Revenue Bonds, Series 2009 |
|
5.500% due 07/01/2037 (d) |
|
|
|
|
5,000 |
|
|
|
|
|
5,477 |
|
7.125% due 11/15/2037 |
|
|
|
|
400 |
|
|
|
|
|
472 |
|
Illinois Finance Authority Revenue Bonds, Series 2010 |
|
6.000% due 08/15/2038 |
|
|
|
|
1,000 |
|
|
|
|
|
1,115 |
|
Illinois State Toll Highway Authority Revenue Bonds, Series 2008 |
|
5.500% due 01/01/2033 |
|
|
|
|
5,000 |
|
|
|
|
|
5,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDIANA 3.8% |
|
Indiana Municipal Power Agency Revenue Bonds, Series 2016 |
|
5.000% due 01/01/2042 |
|
|
|
|
8,000 |
|
|
|
|
|
9,789 |
|
Portage, Indiana Tax Allocation Bonds, Series 2006 |
|
5.000% due 07/15/2023 |
|
|
|
|
1,000 |
|
|
|
|
|
1,001 |
|
5.000% due 01/15/2027 |
|
|
|
|
775 |
|
|
|
|
|
776 |
|
Vigo County, Indiana Hospital Authority Revenue Bonds, Series 2011 |
|
7.500% due 09/01/2022 |
|
|
|
|
2,535 |
|
|
|
|
|
2,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IOWA 1.8% |
|
Iowa Finance Authority Revenue Bonds, Series 2013 |
|
5.250% due 12/01/2025 |
|
|
|
|
3,000 |
|
|
|
|
|
3,268 |
|
|
|
|
|
|
|
|
See Accompanying Notes |
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
39 |
Schedule of Investments PIMCO Municipal
Income Fund III (Cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Iowa Finance Authority Revenue Bonds, Series 2014 |
|
2.000% due 05/15/2056 ^ |
|
$ |
|
|
76 |
|
|
$ |
|
|
1 |
|
2.700% due 11/15/2046 ^ |
|
|
|
|
403 |
|
|
|
|
|
351 |
|
Iowa Finance Authority Revenue Notes, Series 2013 |
|
5.000% due 12/01/2019 |
|
|
|
|
3,240 |
|
|
|
|
|
3,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KENTUCKY 0.6% |
|
Kentucky Economic Development Finance Authority Revenue Bonds, Series 2010 |
|
6.375% due 06/01/2040 |
|
|
|
|
2,000 |
|
|
|
|
|
2,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOUISIANA 2.0% |
|
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
Bonds, Series 2010 |
|
5.875% due 10/01/2040 |
|
|
|
|
1,500 |
|
|
|
|
|
1,774 |
|
6.000% due 10/01/2044 |
|
|
|
|
1,000 |
|
|
|
|
|
1,184 |
|
6.500% due 11/01/2035 |
|
|
|
|
400 |
|
|
|
|
|
481 |
|
Louisiana Public Facilities Authority Revenue Bonds, Series 2007 |
|
5.500% due 05/15/2047 |
|
|
|
|
1,700 |
|
|
|
|
|
1,767 |
|
Louisiana Public Facilities Authority Revenue Bonds, Series 2011 |
|
6.500% due 05/15/2037 |
|
|
|
|
2,000 |
|
|
|
|
|
2,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARYLAND 1.0% |
|
Maryland Economic Development Corp. Revenue Bonds, Series 2010 |
|
5.750% due 06/01/2035 |
|
|
|
|
1,000 |
|
|
|
|
|
1,117 |
|
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series
2010 |
|
6.250% due 01/01/2041 |
|
|
|
|
700 |
|
|
|
|
|
836 |
|
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series
2011 |
|
6.000% due 07/01/2041 |
|
|
|
|
1,000 |
|
|
|
|
|
1,205 |
|
Maryland Stadium Authority Revenue Bonds, Series 2016 |
|
5.000% due 05/01/2046 |
|
|
|
|
500 |
|
|
|
|
|
617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MASSACHUSETTS 2.0% |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2010 |
|
7.625% due 10/15/2037 |
|
|
|
|
285 |
|
|
|
|
|
323 |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2011 |
|
0.000% due 11/15/2056 (a) |
|
|
|
|
140 |
|
|
|
|
|
1 |
|
6.250% due 11/15/2039 |
|
|
|
|
529 |
|
|
|
|
|
544 |
|
Massachusetts Housing Finance Agency Revenue Bonds, Series 2003 |
|
5.125% due 06/01/2043 |
|
|
|
|
4,910 |
|
|
|
|
|
4,916 |
|
Massachusetts State College Building Authority Revenue Bonds, Series 2009 |
|
5.500% due 05/01/2039 |
|
|
|
|
1,600 |
|
|
|
|
|
1,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MICHIGAN 0.9% |
|
Detroit, Michigan General Obligation Bonds, Series 2010 |
|
5.250% due 11/01/2035 |
|
|
|
|
1,500 |
|
|
|
|
|
1,608 |
|
Royal Oak Hospital Finance Authority, Michigan Revenue Bonds, Series 2009 |
|
8.250% due 09/01/2039 |
|
|
|
|
1,500 |
|
|
|
|
|
1,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MISSOURI 0.2% |
|
Jennings, Missouri Revenue Bonds, Series 2006 |
|
5.000% due 11/01/2023 |
|
|
|
|
235 |
|
|
|
|
|
229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Manchester, Missouri Tax Allocation Bonds, Series 2010 |
|
6.875% due 11/01/2039 |
|
$ |
|
|
500 |
|
|
$ |
|
|
528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW HAMPSHIRE 0.6% |
|
New Hampshire Business Finance Authority Revenue Bonds, Series 2009 |
|
6.125% due 10/01/2039 |
|
|
|
|
2,000 |
|
|
|
|
|
2,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW JERSEY 6.2% |
|
New Jersey Economic Development Authority Special Assessment Bonds, Series
2002 |
|
6.500% due 04/01/2028 |
|
|
|
|
4,500 |
|
|
|
|
|
5,733 |
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series
2007 |
|
5.750% due 07/01/2037 |
|
|
|
|
1,000 |
|
|
|
|
|
1,070 |
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series
2013 |
|
5.500% due 07/01/2043 |
|
|
|
|
2,000 |
|
|
|
|
|
2,392 |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2015 |
|
5.250% due 06/15/2041 |
|
|
|
|
500 |
|
|
|
|
|
572 |
|
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2007 |
|
4.750% due 06/01/2034 |
|
|
|
|
1,600 |
|
|
|
|
|
1,581 |
|
5.000% due 06/01/2041 |
|
|
|
|
12,745 |
|
|
|
|
|
12,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW MEXICO 0.3% |
|
Farmington, New Mexico Revenue Bonds, Series 2010 |
|
5.900% due 06/01/2040 |
|
|
|
|
1,000 |
|
|
|
|
|
1,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK 15.6% |
|
Brooklyn Arena Local Development Corp., New York Revenue Bonds, Series 2009 |
|
6.250% due 07/15/2040 |
|
|
|
|
9,800 |
|
|
|
|
|
11,345 |
|
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2011 |
|
5.750% due 02/15/2047 |
|
|
|
|
5,000 |
|
|
|
|
|
5,985 |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2011 |
|
5.000% due 11/15/2036 |
|
|
|
|
3,000 |
|
|
|
|
|
3,520 |
|
Nassau County, New York Industrial Development Agency Revenue Bonds, Series
2014 |
|
2.000% due 01/01/2049 ^ |
|
|
|
|
311 |
|
|
|
|
|
39 |
|
6.700% due 01/01/2049 |
|
|
|
|
863 |
|
|
|
|
|
862 |
|
New York City, New York Industrial Development Agency Revenue Bonds, (AGC Insured),
Series 2009 |
|
7.000% due 03/01/2049 |
|
|
|
|
10,450 |
|
|
|
|
|
12,120 |
|
New York City, New York Water & Sewer System Revenue Bonds, Series 2007 |
|
4.750% due 06/15/2035 (d) |
|
|
|
|
4,000 |
|
|
|
|
|
4,140 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2007 |
|
5.500% due 10/01/2037 |
|
|
|
|
1,700 |
|
|
|
|
|
2,364 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2011 |
|
5.000% due 12/15/2041 |
|
|
|
|
3,000 |
|
|
|
|
|
3,576 |
|
5.000% due 11/15/2044 |
|
|
|
|
11,000 |
|
|
|
|
|
12,760 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|
5.000% due 11/15/2044 |
|
|
|
|
3,000 |
|
|
|
|
|
3,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH CAROLINA 1.8% |
|
New Hanover County, North Carolina Revenue Bonds, Series 2011 |
|
5.000% due 10/01/2028 |
|
|
|
|
6,000 |
|
|
|
|
|
7,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
OHIO 11.7% |
|
Allen County, Ohio Revenue Bonds, Series 2010 |
|
5.000% due 06/01/2038 |
|
$ |
|
|
500 |
|
|
$ |
|
|
559 |
|
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series
2007 |
|
5.125% due 06/01/2024 |
|
|
|
|
1,000 |
|
|
|
|
|
981 |
|
5.875% due 06/01/2047 |
|
|
|
|
4,800 |
|
|
|
|
|
4,763 |
|
6.500% due 06/01/2047 |
|
|
|
|
30,350 |
|
|
|
|
|
31,148 |
|
Hamilton County, Ohio Revenue Bonds, Series 2012 |
|
5.000% due 06/01/2042 |
|
|
|
|
1,500 |
|
|
|
|
|
1,691 |
|
Ohio State Turnpike Commission Revenue Bonds, Series 2013 |
|
5.000% due 02/15/2048 |
|
|
|
|
5,000 |
|
|
|
|
|
5,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENNSYLVANIA 7.3% |
|
Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series
2009 |
|
5.625% due 08/15/2039 |
|
|
|
|
1,000 |
|
|
|
|
|
1,133 |
|
Berks County, Pennsylvania Municipal Authority Revenue Bonds, Series 2012 |
|
5.000% due 11/01/2044 |
|
|
|
|
6,600 |
|
|
|
|
|
7,592 |
|
Capital Region Water, Pennsylvania Revenue Bonds, Series 2007 |
|
6.000% due 09/01/2036 ^ |
|
|
|
|
1,225 |
|
|
|
|
|
1,106 |
|
Cumberland County, Pennsylvania Municipal Authority Revenue Bonds, Series
2008 |
|
5.625% due 07/01/2028 |
|
|
|
|
1,000 |
|
|
|
|
|
1,079 |
|
6.000% due 07/01/2035 |
|
|
|
|
670 |
|
|
|
|
|
728 |
|
Dauphin County, Pennsylvania General Authority Revenue Bonds, Series 2009 |
|
6.000% due 06/01/2036 |
|
|
|
|
1,000 |
|
|
|
|
|
1,148 |
|
Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series
2009 |
|
5.500% due 12/01/2039 |
|
|
|
|
100 |
|
|
|
|
|
114 |
|
Pennsylvania Turnpike Commission Revenue Bonds, Series 2009 |
|
5.125% due 12/01/2040 |
|
|
|
|
3,000 |
|
|
|
|
|
3,334 |
|
Pennsylvania Turnpike Commission Revenue Bonds, Series 2013 |
|
5.000% due 12/01/2043 |
|
|
|
|
5,000 |
|
|
|
|
|
5,937 |
|
Pennsylvania Turnpike Commission Revenue Bonds, Series 2015 |
|
5.000% due 12/01/2040 |
|
|
|
|
3,000 |
|
|
|
|
|
3,606 |
|
Philadelphia Hospitals & Higher Education Facilities Authority, Pennsylvania Revenue Bonds,
Series 2012 |
|
5.625% due 07/01/2042 |
|
|
|
|
1,645 |
|
|
|
|
|
1,832 |
|
Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, Series 2009 |
|
5.250% due 01/01/2036 |
|
|
|
|
500 |
|
|
|
|
|
547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTH CAROLINA 6.7% |
|
Greenwood County, South Carolina Revenue Bonds, Series 2009 |
|
5.375% due 10/01/2039 |
|
|
|
|
1,000 |
|
|
|
|
|
1,124 |
|
South Carolina Ports Authority Revenue Bonds, Series 2010 |
|
5.250% due 07/01/2040 |
|
|
|
|
800 |
|
|
|
|
|
912 |
|
South Carolina State Public Service Authority Revenue Bonds, Series 2013 |
|
5.125% due 12/01/2043 |
|
|
|
|
5,000 |
|
|
|
|
|
5,926 |
|
5.500% due 12/01/2053 |
|
|
|
|
15,000 |
|
|
|
|
|
17,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TENNESSEE 0.7% |
|
Claiborne County, Tennessee Industrial Development Board Revenue Bonds, Series
2009 |
|
6.625% due 10/01/2039 |
|
|
|
|
1,250 |
|
|
|
|
|
1,396 |
|
|
|
|
|
|
|
|
|
|
40 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Johnson City Health & Educational Facilities Board, Tennessee Revenue Bonds, Series
2010 |
|
6.000% due 07/01/2038 |
|
$ |
|
|
1,000 |
|
|
$ |
|
|
1,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXAS 13.6% |
|
Dallas, Texas Civic Center Revenue Bonds, (AGC Insured), Series 2009 |
|
5.250% due 08/15/2038 |
|
|
|
|
1,300 |
|
|
|
|
|
1,450 |
|
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2013 |
|
5.000% due 04/01/2053 |
|
|
|
|
4,500 |
|
|
|
|
|
5,247 |
|
North Harris County, Texas Regional Water Authority Revenue Bonds, Series
2008 |
|
5.250% due 12/15/2033 |
|
|
|
|
5,500 |
|
|
|
|
|
6,048 |
|
5.500% due 12/15/2038 |
|
|
|
|
5,500 |
|
|
|
|
|
6,067 |
|
North Texas Tollway Authority Revenue Bonds, Series 2008 |
|
5.625% due 01/01/2033 |
|
|
|
|
10,800 |
|
|
|
|
|
11,588 |
|
5.750% due 01/01/2033 |
|
|
|
|
700 |
|
|
|
|
|
753 |
|
North Texas Tollway Authority Revenue Bonds, Series 2011 |
|
5.000% due 01/01/2038 |
|
|
|
|
3,000 |
|
|
|
|
|
3,384 |
|
5.500% due 09/01/2041 |
|
|
|
|
600 |
|
|
|
|
|
717 |
|
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series
2009 |
|
6.250% due 11/15/2029 |
|
|
|
|
3,000 |
|
|
|
|
|
3,383 |
|
Tender Option Bond Trust Receipts/Certificates, Texas General Obligation Bonds, Series
2009 |
|
8.990% due 08/01/2039 (e) |
|
|
|
|
0 |
|
|
|
|
|
761 |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|
5.250% due 12/15/2026 |
|
|
|
|
150 |
|
|
|
|
|
188 |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008 |
|
6.250% due 12/15/2026 |
|
|
|
|
9,600 |
|
|
|
|
|
12,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Wise County, Texas Revenue Bonds, Series 2011 |
|
8.000% due 08/15/2034 |
|
$ |
|
|
500 |
|
|
$ |
|
|
587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VIRGINIA 0.4% |
|
Fairfax County, Virginia Industrial Development Authority Revenue Bonds, Series
2009 |
|
5.500% due 05/15/2035 |
|
|
|
|
1,000 |
|
|
|
|
|
1,131 |
|
James City County, Virginia Economic Development Authority Revenue Bonds, Series
2013 |
|
2.000% due 10/01/2048 ^ |
|
|
|
|
201 |
|
|
|
|
|
15 |
|
6.000% due 06/01/2043 |
|
|
|
|
621 |
|
|
|
|
|
598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WASHINGTON 0.5% |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2009 |
|
7.375% due 03/01/2038 |
|
|
|
|
1,000 |
|
|
|
|
|
1,169 |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2010 |
|
5.500% due 12/01/2039 |
|
|
|
|
500 |
|
|
|
|
|
598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEST VIRGINIA 0.2% |
|
West Virginia Hospital Finance Authority Revenue Bonds, Series 2011 |
|
9.125% due 10/01/2041 |
|
|
|
|
955 |
|
|
|
|
|
867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WISCONSIN 1.6% |
|
|
|
|
|
|
|
|
|
|
|
|
University of Wisconsin Hospitals & Clinics Authority Revenue Bonds,
Series 2013 |
|
5.000% due 04/01/2038 |
|
|
|
|
3,500 |
|
|
|
|
|
4,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series
2009 |
|
6.625% due 02/15/2039 |
|
$ |
|
|
1,000 |
|
|
$ |
|
|
1,150 |
|
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series
2010 |
|
5.625% due 04/15/2039 |
|
|
|
|
1,000 |
|
|
|
|
|
1,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds & Notes (Cost $502,900) |
|
|
592,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INSTRUMENTS 1.1% |
|
|
|
SHORT-TERM NOTES 1.1% |
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
|
|
|
|
|
0.294% due 07/06/2016 (a)(b) |
|
|
|
|
400 |
|
|
|
|
|
400 |
|
0.314% due 08/04/2016 (a)(b) |
|
|
|
|
1,100 |
|
|
|
|
|
1,099 |
|
0.325% due 08/10/2016 (a)(b) |
|
|
|
|
700 |
|
|
|
|
|
700 |
|
0.335% due 07/21/2016 (a)(b) |
|
|
|
|
2,000 |
|
|
|
|
|
2,000 |
|
0.345% due 07/29/2016 (a)(b) |
|
|
|
|
100 |
|
|
|
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Instruments (Cost $4,299) |
|
|
|
|
|
|
|
|
|
|
4,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities (Cost $507,199) |
|
|
|
|
|
|
|
|
|
|
596,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 154.5% (Cost $507,199) |
|
|
|
|
|
|
|
$ |
|
|
596,419 |
|
|
|
Preferred Shares (48.9)% |
|
|
|
|
|
|
|
|
|
|
(189,000 |
) |
|
|
Other Assets and Liabilities, net (5.6)% |
|
|
|
|
|
(21,305 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders 100.0% |
|
|
$ |
|
|
386,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
Security is in default. |
(a) |
Zero coupon security. |
(b) |
Coupon represents a yield to maturity. |
(c) |
Security becomes interest bearing at a future date. |
(d) |
Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund
sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction. See Note 5(b) in the Notes to Financial Statements for more information.
|
(e) |
Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown
bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on June 30, 2016. |
|
|
|
|
|
|
|
See Accompanying Notes |
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
41 |
Schedule of Investments PIMCO Municipal
Income Fund III (Cont.)
June 30, 2016 (Unaudited)
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Funds assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category and Subcategory |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value at 06/30/2016 |
|
Investments in Securities, at Value |
|
Municipal Bonds & Notes |
|
Alabama |
|
$ |
0 |
|
|
$ |
60,859 |
|
|
$ |
0 |
|
|
$ |
60,859 |
|
Arizona |
|
|
0 |
|
|
|
46,914 |
|
|
|
0 |
|
|
|
46,914 |
|
California |
|
|
0 |
|
|
|
97,651 |
|
|
|
0 |
|
|
|
97,651 |
|
Colorado |
|
|
0 |
|
|
|
3,541 |
|
|
|
0 |
|
|
|
3,541 |
|
Connecticut |
|
|
0 |
|
|
|
1,450 |
|
|
|
0 |
|
|
|
1,450 |
|
District of Columbia |
|
|
0 |
|
|
|
11,070 |
|
|
|
0 |
|
|
|
11,070 |
|
Florida |
|
|
0 |
|
|
|
20,261 |
|
|
|
0 |
|
|
|
20,261 |
|
Georgia |
|
|
0 |
|
|
|
13,871 |
|
|
|
0 |
|
|
|
13,871 |
|
Hawaii |
|
|
0 |
|
|
|
1,698 |
|
|
|
0 |
|
|
|
1,698 |
|
Illinois |
|
|
0 |
|
|
|
28,335 |
|
|
|
0 |
|
|
|
28,335 |
|
Indiana |
|
|
0 |
|
|
|
14,525 |
|
|
|
0 |
|
|
|
14,525 |
|
Iowa |
|
|
0 |
|
|
|
6,995 |
|
|
|
0 |
|
|
|
6,995 |
|
Kentucky |
|
|
0 |
|
|
|
2,296 |
|
|
|
0 |
|
|
|
2,296 |
|
Louisiana |
|
|
0 |
|
|
|
7,725 |
|
|
|
0 |
|
|
|
7,725 |
|
Maryland |
|
|
0 |
|
|
|
3,775 |
|
|
|
0 |
|
|
|
3,775 |
|
Massachusetts |
|
|
0 |
|
|
|
7,599 |
|
|
|
0 |
|
|
|
7,599 |
|
Michigan |
|
|
0 |
|
|
|
3,351 |
|
|
|
0 |
|
|
|
3,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category and Subcategory |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value at 06/30/2016 |
|
Missouri |
|
$ |
0 |
|
|
$ |
757 |
|
|
$ |
0 |
|
|
$ |
757 |
|
New Hampshire |
|
|
0 |
|
|
|
2,254 |
|
|
|
0 |
|
|
|
2,254 |
|
New Jersey |
|
|
0 |
|
|
|
23,808 |
|
|
|
0 |
|
|
|
23,808 |
|
New Mexico |
|
|
0 |
|
|
|
1,138 |
|
|
|
0 |
|
|
|
1,138 |
|
New York |
|
|
0 |
|
|
|
60,192 |
|
|
|
0 |
|
|
|
60,192 |
|
North Carolina |
|
|
0 |
|
|
|
7,017 |
|
|
|
0 |
|
|
|
7,017 |
|
Ohio |
|
|
0 |
|
|
|
45,022 |
|
|
|
0 |
|
|
|
45,022 |
|
Pennsylvania |
|
|
0 |
|
|
|
28,156 |
|
|
|
0 |
|
|
|
28,156 |
|
South Carolina |
|
|
0 |
|
|
|
25,952 |
|
|
|
0 |
|
|
|
25,952 |
|
Tennessee |
|
|
0 |
|
|
|
2,533 |
|
|
|
0 |
|
|
|
2,533 |
|
Texas |
|
|
0 |
|
|
|
52,612 |
|
|
|
0 |
|
|
|
52,612 |
|
Virginia |
|
|
0 |
|
|
|
1,744 |
|
|
|
0 |
|
|
|
1,744 |
|
Washington |
|
|
0 |
|
|
|
1,767 |
|
|
|
0 |
|
|
|
1,767 |
|
West Virginia |
|
|
0 |
|
|
|
867 |
|
|
|
0 |
|
|
|
867 |
|
Wisconsin |
|
|
0 |
|
|
|
6,385 |
|
|
|
0 |
|
|
|
6,385 |
|
Short-Term Instruments |
|
Short-Term Notes |
|
|
0 |
|
|
|
4,299 |
|
|
|
0 |
|
|
|
4,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
0 |
|
|
$ |
596,419 |
|
|
$ |
0 |
|
|
$ |
596,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no
significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.
|
|
|
|
|
|
|
|
|
42 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
Schedule of Investments PIMCO California Municipal Income Fund
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
MARKET VALUE (000S) |
|
INVESTMENTS IN SECURITIES 161.1% |
|
|
|
MUNICIPAL BONDS & NOTES 161.1% |
|
|
|
CALIFORNIA 158.8% |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2008 |
|
5.000% due 04/01/2034 |
|
$ |
|
10,000 |
|
$ |
|
|
10,762 |
|
California County Tobacco Securitization Agency Revenue Bonds, Series 2002 |
|
6.000% due 06/01/2035 |
|
|
|
4,000 |
|
|
|
|
4,002 |
|
6.125% due 06/01/2038 |
|
|
|
1,000 |
|
|
|
|
1,000 |
|
California County Tobacco Securitization Agency Revenue Bonds, Series 2006 |
|
5.600% due 06/01/2036 |
|
|
|
1,500 |
|
|
|
|
1,537 |
|
California Educational Facilities Authority Revenue Bonds, Series 2009 |
|
5.000% due 01/01/2039 (a) |
|
|
|
10,200 |
|
|
|
|
11,306 |
|
5.000% due 10/01/2039 (a) |
|
|
|
10,000 |
|
|
|
|
10,901 |
|
California Health Facilities Financing Authority Revenue Bonds, (IBC/NPFGC Insured), Series
2007 |
|
5.000% due 11/15/2042 |
|
|
|
1,600 |
|
|
|
|
1,626 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2008 |
|
5.250% due 11/15/2040 |
|
|
|
5,050 |
|
|
|
|
6,085 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2009 |
|
5.750% due 09/01/2039 |
|
|
|
2,000 |
|
|
|
|
2,285 |
|
6.000% due 07/01/2039 |
|
|
|
4,000 |
|
|
|
|
4,600 |
|
6.500% due 11/01/2038 |
|
|
|
1,000 |
|
|
|
|
1,184 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2010 |
|
5.000% due 11/15/2036 |
|
|
|
1,450 |
|
|
|
|
1,640 |
|
9.019% due 11/15/2036 (b) |
|
|
|
1,000 |
|
|
|
|
1,329 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2011 |
|
5.000% due 08/15/2035 |
|
|
|
1,000 |
|
|
|
|
1,200 |
|
6.000% due 08/15/2042 |
|
|
|
2,800 |
|
|
|
|
3,407 |
|
11.002% due 11/15/2042 (b) |
|
|
|
6,000 |
|
|
|
|
6,199 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2012 |
|
5.000% due 08/15/2051 |
|
|
|
11,000 |
|
|
|
|
12,825 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2013 |
|
5.000% due 08/15/2052 |
|
|
|
3,675 |
|
|
|
|
4,362 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2015 |
|
5.000% due 08/15/2054 |
|
|
|
1,300 |
|
|
|
|
1,592 |
|
California Infrastructure & Economic Development Bank Revenue Bonds, Series
2013 |
|
5.000% due 02/01/2039 |
|
|
|
10,000 |
|
|
|
|
11,664 |
|
California Municipal Finance Authority Revenue Bonds, Series 2008 |
|
5.875% due 10/01/2034 |
|
|
|
2,900 |
|
|
|
|
3,126 |
|
California Municipal Finance Authority Revenue Bonds, Series 2011 |
|
7.750% due 04/01/2031 |
|
|
|
955 |
|
|
|
|
1,203 |
|
California Pollution Control Financing Authority Revenue Bonds, Series 2010 |
|
5.100% due 06/01/2040 |
|
|
|
2,000 |
|
|
|
|
2,250 |
|
5.250% due 08/01/2040 |
|
|
|
1,250 |
|
|
|
|
1,409 |
|
California State General Obligation Bonds, Series 2006 |
|
5.000% due 09/01/2035 |
|
|
|
5,885 |
|
|
|
|
5,926 |
|
California State General Obligation Bonds, Series 2007 |
|
5.000% due 06/01/2037 |
|
|
|
100 |
|
|
|
|
104 |
|
5.000% due 12/01/2037 |
|
|
|
3,000 |
|
|
|
|
3,178 |
|
California State General Obligation Bonds, Series 2009 |
|
6.000% due 04/01/2038 |
|
|
|
2,000 |
|
|
|
|
2,279 |
|
6.000% due 11/01/2039 |
|
|
|
2,000 |
|
|
|
|
2,336 |
|
California State General Obligation Bonds, Series 2010 |
|
5.250% due 11/01/2040 |
|
|
|
2,400 |
|
|
|
|
2,822 |
|
5.500% due 03/01/2040 |
|
|
|
1,500 |
|
|
|
|
1,740 |
|
California State General Obligation Bonds, Series 2013 |
|
5.000% due 11/01/2043 |
|
|
|
7,000 |
|
|
|
|
8,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
MARKET VALUE (000S) |
|
California State General Obligation Bonds, Series 2015 |
|
5.000% due 09/01/2032 |
|
$ |
|
1,300 |
|
$ |
|
|
1,640 |
|
California State General Obligation Bonds, Series 2016 |
|
4.000% due 12/01/2030 |
|
|
|
1,000 |
|
|
|
|
1,135 |
|
5.000% due 09/01/2045 |
|
|
|
1,000 |
|
|
|
|
1,263 |
|
California State Public Works Board Revenue Bonds, Series 2009 |
|
5.000% due 04/01/2034 |
|
|
|
2,000 |
|
|
|
|
2,237 |
|
5.750% due 10/01/2030 |
|
|
|
2,000 |
|
|
|
|
2,298 |
|
6.000% due 11/01/2034 |
|
|
|
2,000 |
|
|
|
|
2,349 |
|
California State Public Works Board Revenue Bonds, Series 2011 |
|
5.000% due 12/01/2029 |
|
|
|
1,500 |
|
|
|
|
1,788 |
|
California State University Revenue Bonds, Series 2015 |
|
5.000% due 11/01/2047 |
|
|
|
14,000 |
|
|
|
|
17,260 |
|
California Statewide Communities Development Authority Certificates of Participation Bonds,
Series 1999 |
|
5.375% due 04/01/2030 |
|
|
|
2,150 |
|
|
|
|
2,157 |
|
California Statewide Communities Development Authority Revenue Bonds, (FGIC Insured),
Series 2007 |
|
5.750% due 07/01/2047 |
|
|
|
3,200 |
|
|
|
|
3,525 |
|
California Statewide Communities Development Authority Revenue Bonds, (FHA Insured),
Series 2009 |
|
6.625% due 08/01/2029 |
|
|
|
1,870 |
|
|
|
|
2,203 |
|
6.750% due 02/01/2038 |
|
|
|
6,875 |
|
|
|
|
8,124 |
|
California Statewide Communities Development Authority Revenue Bonds, (NPFGC Insured),
Series 2000 |
|
5.125% due 07/01/2024 |
|
|
|
100 |
|
|
|
|
109 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2007 |
|
5.500% due 11/01/2038 |
|
|
|
900 |
|
|
|
|
960 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2008 |
|
5.500% due 07/01/2031 |
|
|
|
845 |
|
|
|
|
888 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2010 |
|
5.000% due 11/01/2040 |
|
|
|
10,000 |
|
|
|
|
11,440 |
|
6.250% due 10/01/2039 |
|
|
|
1,000 |
|
|
|
|
1,155 |
|
7.500% due 06/01/2042 |
|
|
|
980 |
|
|
|
|
1,072 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2011 |
|
6.000% due 08/15/2042 |
|
|
|
2,000 |
|
|
|
|
2,434 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2012 |
|
5.000% due 04/01/2042 |
|
|
|
11,500 |
|
|
|
|
13,504 |
|
5.125% due 05/15/2031 |
|
|
|
4,000 |
|
|
|
|
4,708 |
|
5.375% due 05/15/2038 |
|
|
|
4,500 |
|
|
|
|
5,238 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2016 |
|
5.000% due 12/01/2036 |
|
|
|
1,400 |
|
|
|
|
1,619 |
|
California Statewide Financing Authority Revenue Bonds, Series 2002 |
|
6.000% due 05/01/2037 |
|
|
|
3,000 |
|
|
|
|
3,066 |
|
Chula Vista, California Revenue Bonds, Series 2004 |
|
5.875% due 02/15/2034 |
|
|
|
5,000 |
|
|
|
|
5,688 |
|
Contra Costa County, California Public Financing Authority Tax Allocation Bonds, Series
2003 |
|
5.850% due 08/01/2033 |
|
|
|
350 |
|
|
|
|
350 |
|
Desert Community College District, California General Obligation Bonds, (AGM Insured), Series
2007 |
|
5.000% due 08/01/2037 |
|
|
|
5,000 |
|
|
|
|
5,237 |
|
Desert Community College District, California General Obligation Bonds, Series
2016 |
|
5.000% due 08/01/2037 |
|
|
|
1,250 |
|
|
|
|
1,565 |
|
Eastern Municipal Water District, California Certificates of Participation Bonds, Series
2008 |
|
5.000% due 07/01/2035 |
|
|
|
6,300 |
|
|
|
|
6,766 |
|
El Monte, California Certificates of Participation Bonds, (AMBAC Insured), Series
2001 |
|
5.250% due 01/01/2034 |
|
|
|
14,425 |
|
|
|
|
14,878 |
|
Folsom Redevelopment Agency, California Tax Allocation Bonds, Series 2009 |
|
5.500% due 08/01/2036 |
|
|
|
1,000 |
|
|
|
|
1,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
MARKET VALUE (000S) |
|
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series
2007 |
|
5.000% due 06/01/2033 |
|
$ |
|
2,500 |
|
$ |
|
|
2,519 |
|
5.125% due 06/01/2047 |
|
|
|
8,300 |
|
|
|
|
8,304 |
|
5.750% due 06/01/2047 |
|
|
|
24,325 |
|
|
|
|
24,876 |
|
Hayward Unified School District, California General Obligation Bonds, Series
2015 |
|
5.000% due 08/01/2038 |
|
|
|
6,000 |
|
|
|
|
7,133 |
|
Imperial Irrigation District, California Revenue Bonds, Series 2011 |
|
5.000% due 11/01/2041 |
|
|
|
1,000 |
|
|
|
|
1,135 |
|
Kaweah Delta Health Care District, California Revenue Bonds, Series 2015 |
|
4.000% due 06/01/2045 |
|
|
|
2,000 |
|
|
|
|
2,185 |
|
Kern County, California Certificates of Participation Bonds, (AGC Insured), Series
2009 |
|
5.750% due 08/01/2035 |
|
|
|
10,590 |
|
|
|
|
11,757 |
|
Lancaster Redevelopment Agency, California Tax Allocation Bonds, Series 2009 |
|
6.875% due 08/01/2039 |
|
|
|
500 |
|
|
|
|
583 |
|
Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 |
|
5.500% due 11/15/2027 |
|
|
|
1,000 |
|
|
|
|
1,290 |
|
Long Beach, California Airport System Revenue Bonds, Series 2010 |
|
5.000% due 06/01/2040 |
|
|
|
5,000 |
|
|
|
|
5,596 |
|
Los Angeles Department of Water & Power, California Revenue Bonds, Series
2009 |
|
5.375% due 07/01/2034 (a) |
|
|
|
3,000 |
|
|
|
|
3,325 |
|
5.375% due 07/01/2038 (a) |
|
|
|
7,000 |
|
|
|
|
7,737 |
|
Los Angeles Department of Water & Power, California Revenue Bonds, Series
2012 |
|
5.000% due 07/01/2037 |
|
|
|
4,100 |
|
|
|
|
4,898 |
|
5.000% due 07/01/2043 |
|
|
|
5,000 |
|
|
|
|
5,954 |
|
Los Angeles Department of Water & Power, California Revenue Bonds, Series
2014 |
|
5.000% due 07/01/2043 |
|
|
|
3,650 |
|
|
|
|
4,439 |
|
Los Angeles Unified School District, California General Obligation Bonds, Series
2009 |
|
5.000% due 07/01/2029 (a) |
|
|
|
10,000 |
|
|
|
|
11,205 |
|
5.000% due 01/01/2034 (a) |
|
|
|
8,500 |
|
|
|
|
9,485 |
|
5.300% due 01/01/2034 |
|
|
|
250 |
|
|
|
|
281 |
|
M-S-R Energy Authority, California Revenue Bonds, Series 2009 |
|
6.500% due 11/01/2039 |
|
|
|
18,845 |
|
|
|
|
28,803 |
|
Malibu, California Certificates of Participation Bonds, Series 2009 |
|
5.000% due 07/01/2039 |
|
|
|
700 |
|
|
|
|
772 |
|
Peralta Community College District, California General Obligation Bonds, Series
2009 |
|
5.000% due 08/01/2039 |
|
|
|
1,250 |
|
|
|
|
1,413 |
|
Regents of the University of California Medical Center Pooled Revenue Bonds, Series
2013 |
|
5.000% due 05/15/2043 |
|
|
|
2,000 |
|
|
|
|
2,391 |
|
River Islands Public Financing Authority, California Special Tax Bonds, Series
2015 |
|
5.500% due 09/01/2045 |
|
|
|
3,000 |
|
|
|
|
3,352 |
|
San Diego County, California Water Authority Certificates of Participation Bonds, (AGM Insured),
Series 2008 |
|
5.000% due 05/01/2038 |
|
|
|
6,250 |
|
|
|
|
6,748 |
|
San Diego Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series
2016 |
|
5.000% due 09/01/2029 |
|
|
|
250 |
|
|
|
|
315 |
|
San Diego Regional Building Authority, California Revenue Bonds, Series 2009 |
|
5.375% due 02/01/2036 |
|
|
|
3,285 |
|
|
|
|
3,679 |
|
San Francisco, California City & County Certificates of Participation Bonds, Series
2009 |
|
5.250% due 04/01/2031 |
|
|
|
650 |
|
|
|
|
722 |
|
San Jose, California Hotel Tax Revenue Bonds, Series 2011 |
|
6.500% due 05/01/2036 |
|
|
|
1,500 |
|
|
|
|
1,834 |
|
San Jose, California Special Assessment Bonds, Series 2001 |
|
5.600% due 09/02/2017 |
|
|
|
230 |
|
|
|
|
234 |
|
|
|
|
|
|
|
|
See Accompanying Notes |
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
43 |
Schedule of Investments PIMCO California
Municipal Income Fund (Cont.)
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series
2015 |
|
5.000% due 10/01/2031 |
|
$ |
|
|
2,315 |
|
|
$ |
|
|
2,889 |
|
San Marcos Unified School District, California General Obligation Bonds, Series
2011 |
|
5.000% due 08/01/2038 |
|
|
|
|
1,200 |
|
|
|
|
|
1,395 |
|
Santa Clara County, California Financing Authority Revenue Bonds, (AMBAC Insured), Series
2007 |
|
5.750% due 02/01/2041 |
|
|
|
|
3,500 |
|
|
|
|
|
3,696 |
|
Santa Cruz County, California Redevelopment Agency Tax Allocation Bonds, Series
2009 |
|
7.000% due 09/01/2036 |
|
|
|
|
1,300 |
|
|
|
|
|
1,555 |
|
Stockton Unified School District, California General Obligation Bonds, Series
2016 |
|
5.000% due 08/01/2031 |
|
|
|
|
4,000 |
|
|
|
|
|
4,973 |
|
Tobacco Securitization Authority of Southern California Revenue Bonds, Series
2006 |
|
5.000% due 06/01/2037 |
|
|
|
|
800 |
|
|
|
|
|
800 |
|
Torrance, California Revenue Bonds, Series 2010 |
|
5.000% due 09/01/2040 |
|
|
|
|
6,300 |
|
|
|
|
|
7,023 |
|
Turlock, California Certificates of Participation Bonds, Series 2007 |
|
5.500% due 10/15/2037 |
|
|
|
|
2,000 |
|
|
|
|
|
2,121 |
|
Washington Township Health Care District, California General Obligation Bonds, Series
2013 |
|
5.000% due 08/01/2043 |
|
|
|
|
2,500 |
|
|
|
|
|
2,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
452,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
ILLINOIS 2.3% |
|
Chicago, Illinois General Obligation Bonds, Series 2007 |
|
5.500% due 01/01/2042 |
|
$ |
|
|
2,000 |
|
|
$ |
|
|
2,041 |
|
Chicago, Illinois General Obligation Bonds, Series 2015 |
|
5.250% due 01/01/2028 |
|
|
|
|
4,400 |
|
|
|
|
|
4,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds & Notes (Cost $398,081) |
|
|
459,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities (Cost $398,081) |
|
|
459,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 161.1% (Cost $398,081) |
|
|
$ |
|
|
459,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares (52.6)% |
|
|
(150,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets and Liabilities, net (8.5)% |
|
|
(24,113 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders 100.0% |
|
|
$ |
|
|
285,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) |
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. See Note 5(b) in the Notes to Financial Statements for more information.
|
(b) |
Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown
bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on June 30, 2016. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to
the inputs used as of June 30, 2016 in valuing the Funds assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category and Subcategory |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value at 06/30/2016 |
|
Investments in Securities, at Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
|
$ |
0 |
|
|
$ |
452,589 |
|
|
$ |
0 |
|
|
$ |
452,589 |
|
Illinois |
|
|
0 |
|
|
|
6,581 |
|
|
|
0 |
|
|
|
6,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
0 |
|
|
$ |
459,170 |
|
|
$ |
0 |
|
|
$ |
459,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no significant
transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.
|
|
|
|
|
|
|
|
|
44 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
Schedule of Investments PIMCO California Municipal Income Fund II
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
INVESTMENTS IN SECURITIES 162.1% |
|
|
|
MUNICIPAL BONDS & NOTES 161.7% |
|
|
|
CALIFORNIA 156.8% |
|
Alhambra, California Revenue Bonds, Series 2010 |
|
7.625% due 01/01/2040 |
|
$ |
|
|
2,000 |
|
|
$ |
|
|
2,281 |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2014 |
|
5.000% due 10/01/2054 |
|
|
|
|
3,000 |
|
|
|
|
|
3,599 |
|
California County Tobacco Securitization Agency Revenue Bonds, Series 2002 |
|
5.875% due 06/01/2043 |
|
|
|
|
1,800 |
|
|
|
|
|
1,822 |
|
California County Tobacco Securitization Agency Revenue Bonds, Series 2006 |
|
5.600% due 06/01/2036 |
|
|
|
|
1,500 |
|
|
|
|
|
1,537 |
|
California Health Facilities Financing Authority Revenue Bonds, (IBC/NPFGC Insured), Series
2007 |
|
5.000% due 11/15/2042 |
|
|
|
|
4,220 |
|
|
|
|
|
4,288 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2008 |
|
5.250% due 11/15/2040 |
|
|
|
|
5,400 |
|
|
|
|
|
6,507 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2009 |
|
5.750% due 09/01/2039 |
|
|
|
|
250 |
|
|
|
|
|
286 |
|
6.000% due 07/01/2039 |
|
|
|
|
3,000 |
|
|
|
|
|
3,450 |
|
6.500% due 11/01/2038 |
|
|
|
|
500 |
|
|
|
|
|
592 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2011 |
|
5.000% due 08/15/2035 |
|
|
|
|
1,000 |
|
|
|
|
|
1,200 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2012 |
|
5.000% due 11/15/2034 |
|
|
|
|
1,000 |
|
|
|
|
|
1,122 |
|
5.000% due 11/15/2040 |
|
|
|
|
4,000 |
|
|
|
|
|
4,613 |
|
5.000% due 08/15/2051 |
|
|
|
|
8,755 |
|
|
|
|
|
10,209 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2015 |
|
5.000% due 08/15/2054 |
|
|
|
|
5,000 |
|
|
|
|
|
6,122 |
|
California Infrastructure & Economic Development Bank Revenue Bonds, Series
2008 |
|
5.250% due 02/01/2038 |
|
|
|
|
175 |
|
|
|
|
|
188 |
|
California Infrastructure & Economic Development Bank Revenue Bonds, Series
2013 |
|
5.000% due 02/01/2039 |
|
|
|
|
10,000 |
|
|
|
|
|
11,664 |
|
California Municipal Finance Authority Revenue Bonds, Series 2011 |
|
7.750% due 04/01/2031 |
|
|
|
|
1,035 |
|
|
|
|
|
1,304 |
|
California Pollution Control Financing Authority Revenue Bonds, Series 2010 |
|
5.250% due 08/01/2040 |
|
|
|
|
1,500 |
|
|
|
|
|
1,691 |
|
California State General Obligation Bonds, Series 2006 |
|
5.000% due 09/01/2031 |
|
|
|
|
2,500 |
|
|
|
|
|
2,517 |
|
California State General Obligation Bonds, Series 2009 |
|
6.000% due 04/01/2038 |
|
|
|
|
10,000 |
|
|
|
|
|
11,393 |
|
California State General Obligation Bonds, Series 2013 |
|
5.000% due 11/01/2043 |
|
|
|
|
7,000 |
|
|
|
|
|
8,519 |
|
California State General Obligation Bonds, Series 2016 |
|
4.000% due 12/01/2030 |
|
|
|
|
2,000 |
|
|
|
|
|
2,271 |
|
5.000% due 09/01/2045 |
|
|
|
|
1,000 |
|
|
|
|
|
1,263 |
|
California State Public Works Board Revenue Bonds, Series 2008 |
|
5.000% due 03/01/2033 |
|
|
|
|
7,915 |
|
|
|
|
|
8,483 |
|
California State Public Works Board Revenue Bonds, Series 2009 |
|
5.750% due 10/01/2030 |
|
|
|
|
3,000 |
|
|
|
|
|
3,447 |
|
6.000% due 11/01/2034 |
|
|
|
|
2,000 |
|
|
|
|
|
2,349 |
|
California State Public Works Board Revenue Bonds, Series 2011 |
|
5.000% due 12/01/2029 |
|
|
|
|
2,000 |
|
|
|
|
|
2,384 |
|
California State Public Works Board Revenue Bonds, Series 2013 |
|
5.000% due 03/01/2038 |
|
|
|
|
2,500 |
|
|
|
|
|
2,948 |
|
California State University Revenue Bonds, Series 2015 |
|
5.000% due 11/01/2047 |
|
|
|
|
7,000 |
|
|
|
|
|
8,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
California State University Revenue Bonds, Series 2016 |
|
5.000% due 11/01/2041 |
|
$ |
|
|
11,435 |
|
|
$ |
|
|
14,351 |
|
California Statewide Communities Development Authority Revenue Bonds, (FGIC Insured),
Series 2007 |
|
5.750% due 07/01/2047 |
|
|
|
|
3,700 |
|
|
|
|
|
4,076 |
|
California Statewide Communities Development Authority Revenue Bonds, (FHA Insured),
Series 2009 |
|
6.625% due 08/01/2029 |
|
|
|
|
2,135 |
|
|
|
|
|
2,515 |
|
6.750% due 02/01/2038 |
|
|
|
|
7,860 |
|
|
|
|
|
9,288 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2006 |
|
5.000% due 11/01/2029 |
|
|
|
|
500 |
|
|
|
|
|
502 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2007 |
|
5.150% due 07/01/2030 |
|
|
|
|
250 |
|
|
|
|
|
252 |
|
5.250% due 07/01/2042 |
|
|
|
|
1,250 |
|
|
|
|
|
1,257 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2008 |
|
5.250% due 11/15/2048 |
|
|
|
|
5,490 |
|
|
|
|
|
5,957 |
|
5.500% due 07/01/2031 |
|
|
|
|
3,040 |
|
|
|
|
|
3,194 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2010 |
|
7.000% due 07/01/2040 |
|
|
|
|
3,760 |
|
|
|
|
|
4,475 |
|
7.500% due 06/01/2042 |
|
|
|
|
980 |
|
|
|
|
|
1,072 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2011 |
|
6.000% due 08/15/2042 |
|
|
|
|
5,600 |
|
|
|
|
|
6,814 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2012 |
|
5.000% due 04/01/2042 |
|
|
|
|
9,705 |
|
|
|
|
|
11,396 |
|
5.375% due 05/15/2038 |
|
|
|
|
4,500 |
|
|
|
|
|
5,238 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2016 |
|
5.000% due 12/01/2036 |
|
|
|
|
1,500 |
|
|
|
|
|
1,734 |
|
California Statewide Financing Authority Revenue Bonds, Series 2002 |
|
6.000% due 05/01/2037 |
|
|
|
|
2,000 |
|
|
|
|
|
2,044 |
|
Chabot-Las Positas Community College District, California General Obligation Bonds, (AMBAC
Insured), Series 2006 |
|
0.000% due 08/01/2036 (b) |
|
|
|
|
17,305 |
|
|
|
|
|
6,353 |
|
0.000% due 08/01/2037 (b) |
|
|
|
|
5,000 |
|
|
|
|
|
1,742 |
|
0.000% due 08/01/2043 (b) |
|
|
|
|
15,000 |
|
|
|
|
|
3,858 |
|
Chula Vista, California Revenue Bonds, Series 2004 |
|
5.875% due 02/15/2034 |
|
|
|
|
1,000 |
|
|
|
|
|
1,138 |
|
Coronado Community Development Agency, California Tax Allocation Bonds, (AMBAC Insured), Series
2005 |
|
4.875% due 09/01/2035 |
|
|
|
|
8,435 |
|
|
|
|
|
8,457 |
|
Desert Community College District, California General Obligation Bonds, (AGM Insured), Series
2007 |
|
0.000% due 08/01/2046 (b) |
|
|
|
|
25,000 |
|
|
|
|
|
5,094 |
|
Desert Community College District, California General Obligation Bonds, (AGM Insured), Series
2009 |
|
8.919% due 08/01/2032 (e) |
|
|
|
|
6,035 |
|
|
|
|
|
6,599 |
|
Desert Community College District, California General Obligation Bonds, Series
2016 |
|
5.000% due 08/01/2037 |
|
|
|
|
1,000 |
|
|
|
|
|
1,252 |
|
Fremont Community Facilities District No. 1, California Special Tax Bonds, Series
2015 |
|
5.000% due 09/01/2045 |
|
|
|
|
1,400 |
|
|
|
|
|
1,588 |
|
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series
2007 |
|
5.125% due 06/01/2047 |
|
|
|
|
8,500 |
|
|
|
|
|
8,504 |
|
5.750% due 06/01/2047 |
|
|
|
|
34,715 |
|
|
|
|
|
35,502 |
|
Hayward Unified School District, California General Obligation Bonds, Series
2015 |
|
5.000% due 08/01/2038 |
|
|
|
|
3,000 |
|
|
|
|
|
3,567 |
|
Imperial Irrigation District, California Revenue Bonds, Series 2011 |
|
5.000% due 11/01/2041 |
|
|
|
|
4,500 |
|
|
|
|
|
5,106 |
|
Irvine Unified School District, California Special Tax Bonds, Series 2010 |
|
6.700% due 09/01/2035 |
|
|
|
|
515 |
|
|
|
|
|
604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
JPMorgan Chase Putters/Drivers Trust, California Revenue Bonds, Series 2009 |
|
5.000% due 07/01/2037 (d) |
|
$ |
|
|
5,000 |
|
|
$ |
|
|
5,207 |
|
JPMorgan Chase Putters/Drivers Trust, California Revenue Notes, Series 2009 |
|
5.000% due 04/01/2039 (d) |
|
|
|
|
20,000 |
|
|
|
|
|
21,525 |
|
Kaweah Delta Health Care District, California Revenue Bonds, Series 2015 |
|
4.000% due 06/01/2045 |
|
|
|
|
1,275 |
|
|
|
|
|
1,393 |
|
Lancaster Redevelopment Agency, California Tax Allocation Bonds, Series 2009 |
|
6.875% due 08/01/2039 |
|
|
|
|
1,000 |
|
|
|
|
|
1,167 |
|
Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 |
|
5.500% due 11/15/2037 |
|
|
|
|
7,500 |
|
|
|
|
|
10,267 |
|
Long Beach Unified School District, California General Obligation Bonds, Series
2009 |
|
5.250% due 08/01/2019 (d) |
|
|
|
|
9,395 |
|
|
|
|
|
10,707 |
|
5.250% due 08/01/2033 (d) |
|
|
|
|
605 |
|
|
|
|
|
682 |
|
Long Beach, California Airport System Revenue Bonds, Series 2010 |
|
5.000% due 06/01/2040 |
|
|
|
|
500 |
|
|
|
|
|
560 |
|
Los Angeles Community College District, California General Obligation Bonds, Series
2009 |
|
12.984% due 08/01/2033 (e) |
|
|
|
|
4,000 |
|
|
|
|
|
5,057 |
|
Los Angeles Department of Water & Power, California Revenue Bonds, Series
2014 |
|
5.000% due 07/01/2043 |
|
|
|
|
3,000 |
|
|
|
|
|
3,648 |
|
Los Angeles Unified School District, California General Obligation Bonds, Series
2009 |
|
5.000% due 01/01/2034 |
|
|
|
|
11,000 |
|
|
|
|
|
12,274 |
|
M-S-R Energy Authority, California Revenue Bonds, Series 2009 |
|
6.500% due 11/01/2039 |
|
|
|
|
16,445 |
|
|
|
|
|
25,134 |
|
7.000% due 11/01/2034 |
|
|
|
|
1,000 |
|
|
|
|
|
1,544 |
|
Manteca Redevelopment Agency, California Tax Allocation Bonds, (AMBAC Insured), Series
2004 |
|
5.000% due 10/01/2036 |
|
|
|
|
10,000 |
|
|
|
|
|
10,010 |
|
Northern California Transmission Agency Revenue Bonds, Series 2016 |
|
5.000% due 05/01/2031 |
|
|
|
|
1,250 |
|
|
|
|
|
1,598 |
|
5.000% due 05/01/2039 |
|
|
|
|
1,500 |
|
|
|
|
|
1,868 |
|
Oakland Unified School District/Alameda County, California General Obligation Bonds, Series
2009 |
|
6.125% due 08/01/2029 |
|
|
|
|
5,000 |
|
|
|
|
|
5,601 |
|
Palomar Health, California Certificates of Participation Bonds, Series 2009 |
|
6.750% due 11/01/2039 |
|
|
|
|
4,750 |
|
|
|
|
|
5,274 |
|
Poway Unified School District, California General Obligation Bonds, Series
2011 |
|
0.000% due 08/01/2040 (b) |
|
|
|
|
11,000 |
|
|
|
|
|
5,321 |
|
0.000% due 08/01/2046 (b) |
|
|
|
|
16,000 |
|
|
|
|
|
6,081 |
|
River Islands Public Financing Authority, California Special Tax Bonds, Series
2015 |
|
5.500% due 09/01/2045 |
|
|
|
|
3,000 |
|
|
|
|
|
3,352 |
|
San Diego Community College District, California General Obligation Bonds, Series
2009 |
|
9.526% due 08/01/2033 (e) |
|
|
|
|
5,000 |
|
|
|
|
|
6,292 |
|
San Diego Public Facilities Financing Authority Sewer, California Revenue Bonds, Series
2009 |
|
5.250% due 05/15/2039 |
|
|
|
|
1,000 |
|
|
|
|
|
1,131 |
|
San Diego Public Facilities Financing Authority Water, California Revenue Bonds, Series
2009 |
|
5.250% due 08/01/2038 |
|
|
|
|
4,000 |
|
|
|
|
|
4,381 |
|
San Diego Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series
2016 |
|
5.000% due 09/01/2028 |
|
|
|
|
250 |
|
|
|
|
|
316 |
|
San Diego Regional Building Authority, California Revenue Bonds, Series 2009 |
|
5.375% due 02/01/2036 |
|
|
|
|
2,800 |
|
|
|
|
|
3,136 |
|
San Francisco, California City & County Certificates of Participation Bonds, Series
2009 |
|
5.250% due 04/01/2031 |
|
|
|
|
300 |
|
|
|
|
|
333 |
|
San Joaquin Hills Transportation Corridor Agency, California Revenue Bonds, Series
2014 |
|
5.000% due 01/15/2050 |
|
|
|
|
2,430 |
|
|
|
|
|
2,815 |
|
|
|
|
|
|
|
|
See Accompanying Notes |
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
45 |
Schedule of Investments PIMCO California
Municipal Income Fund II (Cont.)
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
San Jose, California Hotel Tax Revenue Bonds, Series 2011 |
|
6.500% due 05/01/2036 |
|
$ |
|
|
1,000 |
|
|
$ |
|
|
1,223 |
|
San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series
2015 |
|
5.000% due 10/01/2032 |
|
|
|
|
850 |
|
|
|
|
|
1,056 |
|
5.000% due 10/01/2033 |
|
|
|
|
1,125 |
|
|
|
|
|
1,392 |
|
San Marcos Unified School District, California General Obligation Bonds, Series
2011 |
|
5.000% due 08/01/2038 |
|
|
|
|
1,300 |
|
|
|
|
|
1,512 |
|
Santa Cruz County, California Certificates of Participation Bonds, Series
2002 |
|
5.250% due 08/01/2032 |
|
|
|
|
1,260 |
|
|
|
|
|
1,264 |
|
Santa Cruz County, California Redevelopment Agency Tax Allocation Bonds (BAM Insured), Series
2016 |
|
4.000% due 09/01/2034 (a) |
|
|
|
|
500 |
|
|
|
|
|
571 |
|
4.000% due 09/01/2035 (a) |
|
|
|
|
900 |
|
|
|
|
|
1,024 |
|
Santa Cruz County, California Redevelopment Agency Tax Allocation Bonds, Series
2009 |
|
7.000% due 09/01/2036 |
|
|
|
|
1,500 |
|
|
|
|
|
1,794 |
|
Stockton Unified School District, California General Obligation Bonds, Series
2016 |
|
5.000% due 08/01/2031 |
|
|
|
|
3,700 |
|
|
|
|
|
4,600 |
|
Sweetwater Union High School District, California General Obligation Bonds, Series
2016 |
|
5.000% due 08/01/2036 |
|
|
|
|
1,000 |
|
|
|
|
|
1,241 |
|
Tender Option Bond Trust Receipts/Certificates, California Revenue Bonds, Series
2010 |
|
8.990% due 05/15/2040 (e) |
|
|
|
|
7,500 |
|
|
|
|
|
9,735 |
|
Torrance, California Revenue Bonds, Series 2010 |
|
5.000% due 09/01/2040 |
|
|
|
|
3,100 |
|
|
|
|
|
3,456 |
|
Turlock Irrigation District, California Revenue Bonds, Series 2011 |
|
5.500% due 01/01/2041 |
|
|
|
|
1,700 |
|
|
|
|
|
1,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Tustin Unified School District, California Special Tax Bonds, Series 2010 |
|
6.000% due 09/01/2040 |
|
$ |
|
|
1,000 |
|
|
$ |
|
|
1,146 |
|
Washington Township Health Care District, California General Obligation Bonds, Series
2013 |
|
5.000% due 08/01/2043 |
|
|
|
|
3,000 |
|
|
|
|
|
3,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
472,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ILLINOIS 2.9% |
|
Chicago, Illinois General Obligation Bonds, Series 2007 |
|
5.500% due 01/01/2042 |
|
|
|
|
2,350 |
|
|
|
|
|
2,398 |
|
Chicago, Illinois General Obligation Bonds, Series 2015 |
|
5.250% due 01/01/2028 |
|
|
|
|
6,035 |
|
|
|
|
|
6,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW JERSEY 1.4% |
|
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2007 |
|
4.750% due 06/01/2034 |
|
|
|
|
1,300 |
|
|
|
|
|
1,284 |
|
5.000% due 06/01/2041 |
|
|
|
|
3,000 |
|
|
|
|
|
2,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK 0.6% |
|
New York Liberty Development Corp. Revenue Bonds, Series 2005 |
|
5.250% due 10/01/2035 |
|
|
|
|
1,250 |
|
|
|
|
|
1,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds & Notes (Cost $411,208) |
|
|
487,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
SHORT-TERM INSTRUMENTS 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM NOTES 0.4% |
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
|
|
|
|
|
0.309% due 08/03/2016 (b)(c) |
|
$ |
|
|
1,300 |
|
|
$ |
|
|
1,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Instruments (Cost $1,300) |
|
|
1,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities (Cost $412,508) |
|
|
488,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 162.1% (Cost $412,508) |
|
|
$ |
|
|
488,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares (54.1)% |
|
|
(163,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets and Liabilities, net (8.0)% |
|
|
(24,106 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders 100.0% |
|
|
$ |
|
|
301,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) |
When-issued security. |
(b) |
Zero coupon security. |
(c) |
Coupon represents a yield to maturity. |
(d) |
Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund
sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction. See Note 5(b) in the Notes to Financial Statements for more information.
|
(e) |
Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown
bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on June 30, 2016. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to
the inputs used as of June 30, 2016 in valuing the Funds assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category and Subcategory |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value at 06/30/2016 |
|
Investments in Securities, at Value |
|
Municipal Bonds & Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
|
$ |
0 |
|
|
$ |
472,476 |
|
|
$ |
0 |
|
|
$ |
472,476 |
|
Illinois |
|
|
0 |
|
|
|
8,625 |
|
|
|
0 |
|
|
|
8,625 |
|
New Jersey |
|
|
0 |
|
|
|
4,217 |
|
|
|
0 |
|
|
|
4,217 |
|
New York |
|
|
0 |
|
|
|
1,685 |
|
|
|
0 |
|
|
|
1,685 |
|
Short-Term Instruments |
|
Short-Term Notes |
|
|
0 |
|
|
|
1,300 |
|
|
|
0 |
|
|
|
1,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
0 |
|
|
$ |
488,303 |
|
|
$ |
0 |
|
|
$ |
488,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no significant
transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.
|
|
|
|
|
|
|
|
|
46 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
Schedule of Investments PIMCO California Municipal Income Fund III
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
INVESTMENTS IN SECURITIES 162.4% |
|
|
|
MUNICIPAL BONDS & NOTES 162.4% |
|
|
|
CALIFORNIA 155.8% |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2008 |
|
5.000% due 04/01/2034 |
|
$ |
|
|
1,250 |
|
|
$ |
|
|
1,345 |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2013 |
|
5.250% due 04/01/2048 |
|
|
|
|
8,000 |
|
|
|
|
|
9,443 |
|
California County Tobacco Securitization Agency Revenue Bonds, Series 2002 |
|
5.875% due 06/01/2035 |
|
|
|
|
8,100 |
|
|
|
|
|
8,104 |
|
6.000% due 06/01/2042 |
|
|
|
|
7,000 |
|
|
|
|
|
7,003 |
|
California County Tobacco Securitization Agency Revenue Bonds, Series 2006 |
|
5.600% due 06/01/2036 |
|
|
|
|
2,000 |
|
|
|
|
|
2,049 |
|
California Educational Facilities Authority Revenue Bonds, Series 2009 |
|
5.000% due 01/01/2039 (d) |
|
|
|
|
9,800 |
|
|
|
|
|
10,862 |
|
5.000% due 10/01/2039 (d) |
|
|
|
|
10,000 |
|
|
|
|
|
10,901 |
|
California Health Facilities Financing Authority Revenue Bonds, (IBC/NPFGC Insured), Series
2007 |
|
5.000% due 11/15/2042 |
|
|
|
|
500 |
|
|
|
|
|
508 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2008 |
|
5.000% due 08/15/2038 |
|
|
|
|
5,000 |
|
|
|
|
|
5,441 |
|
5.250% due 11/15/2040 |
|
|
|
|
4,550 |
|
|
|
|
|
5,483 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2009 |
|
5.750% due 09/01/2039 |
|
|
|
|
4,000 |
|
|
|
|
|
4,569 |
|
6.000% due 07/01/2039 |
|
|
|
|
4,000 |
|
|
|
|
|
4,600 |
|
6.500% due 11/01/2038 |
|
|
|
|
500 |
|
|
|
|
|
592 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2010 |
|
5.000% due 11/15/2036 |
|
|
|
|
1,300 |
|
|
|
|
|
1,470 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2011 |
|
5.000% due 08/15/2035 |
|
|
|
|
1,000 |
|
|
|
|
|
1,200 |
|
6.000% due 08/15/2042 |
|
|
|
|
1,200 |
|
|
|
|
|
1,460 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2012 |
|
5.000% due 08/15/2051 |
|
|
|
|
8,305 |
|
|
|
|
|
9,684 |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2015 |
|
5.000% due 08/15/2054 |
|
|
|
|
3,000 |
|
|
|
|
|
3,673 |
|
California Infrastructure & Economic Development Bank Revenue Bonds, Series
2013 |
|
5.000% due 02/01/2039 |
|
|
|
|
10,000 |
|
|
|
|
|
11,664 |
|
California Municipal Finance Authority Revenue Bonds, Series 2011 |
|
7.750% due 04/01/2031 |
|
|
|
|
800 |
|
|
|
|
|
1,008 |
|
California Pollution Control Financing Authority Revenue Bonds, Series 2010 |
|
5.250% due 08/01/2040 |
|
|
|
|
1,250 |
|
|
|
|
|
1,409 |
|
California State General Obligation Bonds, Series 2009 |
|
6.000% due 04/01/2038 |
|
|
|
|
7,300 |
|
|
|
|
|
8,317 |
|
California State General Obligation Bonds, Series 2013 |
|
5.000% due 11/01/2043 |
|
|
|
|
5,000 |
|
|
|
|
|
6,085 |
|
California State General Obligation Bonds, Series 2015 |
|
5.000% due 09/01/2032 |
|
|
|
|
9,400 |
|
|
|
|
|
11,855 |
|
California State Public Works Board Revenue Bonds, Series 2009 |
|
6.000% due 11/01/2034 |
|
|
|
|
2,000 |
|
|
|
|
|
2,349 |
|
California State Public Works Board Revenue Bonds, Series 2013 |
|
5.000% due 03/01/2038 |
|
|
|
|
2,500 |
|
|
|
|
|
2,948 |
|
California State University Revenue Bonds, Series 2011 |
|
5.000% due 11/01/2042 |
|
|
|
|
9,200 |
|
|
|
|
|
10,809 |
|
California State University Revenue Bonds, Series 2015 |
|
5.000% due 11/01/2047 |
|
|
|
|
12,750 |
|
|
|
|
|
15,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
California Statewide Communities Development Authority Certificates of Participation Bonds,
Series 1999 |
|
5.375% due 04/01/2030 |
|
$ |
|
|
945 |
|
|
$ |
|
|
948 |
|
California Statewide Communities Development Authority Revenue Bonds, (FGIC Insured),
Series 2007 |
|
5.750% due 07/01/2047 |
|
|
|
|
3,100 |
|
|
|
|
|
3,415 |
|
California Statewide Communities Development Authority Revenue Bonds, (FHA Insured), Series
2009 |
|
6.625% due 08/01/2029 |
|
|
|
|
1,780 |
|
|
|
|
|
2,097 |
|
6.750% due 02/01/2038 |
|
|
|
|
6,430 |
|
|
|
|
|
7,598 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2007 |
|
5.500% due 11/01/2038 |
|
|
|
|
1,300 |
|
|
|
|
|
1,387 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2008 |
|
5.500% due 07/01/2031 |
|
|
|
|
2,030 |
|
|
|
|
|
2,134 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2010 |
|
6.250% due 10/01/2039 |
|
|
|
|
500 |
|
|
|
|
|
577 |
|
7.500% due 06/01/2042 |
|
|
|
|
980 |
|
|
|
|
|
1,072 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2011 |
|
5.000% due 12/01/2041 |
|
|
|
|
11,000 |
|
|
|
|
|
12,959 |
|
6.000% due 08/15/2042 |
|
|
|
|
1,800 |
|
|
|
|
|
2,190 |
|
6.500% due 11/01/2021 |
|
|
|
|
335 |
|
|
|
|
|
373 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2012 |
|
5.000% due 04/01/2042 |
|
|
|
|
11,220 |
|
|
|
|
|
13,175 |
|
5.375% due 05/15/2038 |
|
|
|
|
2,000 |
|
|
|
|
|
2,328 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2014 |
|
5.500% due 12/01/2054 |
|
|
|
|
2,500 |
|
|
|
|
|
2,937 |
|
California Statewide Communities Development Authority Revenue Bonds, Series
2016 |
|
5.000% due 12/01/2036 |
|
|
|
|
1,100 |
|
|
|
|
|
1,272 |
|
Chula Vista, California Revenue Bonds, Series 2004 |
|
5.875% due 02/15/2034 |
|
|
|
|
2,000 |
|
|
|
|
|
2,275 |
|
Contra Costa County, California Public Financing Authority Tax Allocation Bonds, Series
2003 |
|
5.625% due 08/01/2033 |
|
|
|
|
1,415 |
|
|
|
|
|
1,416 |
|
Fremont Community Facilities District No. 1, California Special Tax Bonds, Series
2015 |
|
5.000% due 09/01/2045 |
|
|
|
|
1,400 |
|
|
|
|
|
1,588 |
|
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series
2007 |
|
5.000% due 06/01/2033 |
|
|
|
|
2,500 |
|
|
|
|
|
2,519 |
|
5.750% due 06/01/2047 |
|
|
|
|
15,165 |
|
|
|
|
|
15,509 |
|
Hayward Unified School District, California General Obligation Bonds, Series
2015 |
|
5.000% due 08/01/2038 |
|
|
|
|
5,000 |
|
|
|
|
|
5,944 |
|
JPMorgan Chase Putters/Drivers Trust, California Revenue Bonds, Series 2009 |
|
5.000% due 07/01/2037 (d) |
|
|
|
|
5,000 |
|
|
|
|
|
5,207 |
|
Lancaster Redevelopment Agency, California Tax Allocation Bonds, Series 2009 |
|
6.875% due 08/01/2039 |
|
|
|
|
500 |
|
|
|
|
|
583 |
|
Long Beach Unified School District, California General Obligation Bonds, Series
2009 |
|
5.750% due 08/01/2033 |
|
|
|
|
5,000 |
|
|
|
|
|
5,772 |
|
Long Beach, California Airport System Revenue Bonds, Series 2010 |
|
5.000% due 06/01/2040 |
|
|
|
|
2,120 |
|
|
|
|
|
2,373 |
|
Los Angeles Community College District, California General Obligation Bonds, Series
2009 |
|
12.984% due 08/01/2033 (e) |
|
|
|
|
1,000 |
|
|
|
|
|
1,264 |
|
Los Angeles Department of Water & Power, California Revenue Bonds, Series
2009 |
|
5.000% due 07/01/2039 (d) |
|
|
|
|
10,000 |
|
|
|
|
|
10,900 |
|
Los Angeles Department of Water & Power, California Revenue Bonds, Series
2012 |
|
5.000% due 07/01/2037 |
|
|
|
|
2,000 |
|
|
|
|
|
2,389 |
|
5.000% due 07/01/2043 |
|
|
|
|
2,115 |
|
|
|
|
|
2,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Los Angeles Department of Water & Power, California Revenue Bonds, Series
2014 |
|
5.000% due 07/01/2043 |
|
$ |
|
|
3,000 |
|
|
$ |
|
|
3,648 |
|
Los Angeles Unified School District, California General Obligation Bonds, Series
2009 |
|
5.000% due 01/01/2034 (d) |
|
|
|
|
10,000 |
|
|
|
|
|
11,158 |
|
M-S-R Energy Authority, California Revenue Bonds, Series 2009 |
|
6.500% due 11/01/2039 |
|
|
|
|
10,825 |
|
|
|
|
|
16,544 |
|
7.000% due 11/01/2034 |
|
|
|
|
2,285 |
|
|
|
|
|
3,528 |
|
Malibu, California Certificates of Participation Bonds, Series 2009 |
|
5.000% due 07/01/2039 |
|
|
|
|
550 |
|
|
|
|
|
607 |
|
Manteca Financing Authority, California Revenue Bonds, Series 2009 |
|
5.750% due 12/01/2036 |
|
|
|
|
1,000 |
|
|
|
|
|
1,160 |
|
Montebello Unified School District, California General Obligation Bonds, (AGM Insured), Series
2008 |
|
5.000% due 08/01/2033 |
|
|
|
|
3,000 |
|
|
|
|
|
3,270 |
|
Oakland Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured),
Series 2015 |
|
5.000% due 09/01/2036 |
|
|
|
|
800 |
|
|
|
|
|
966 |
|
Peralta Community College District, California General Obligation Bonds, Series
2009 |
|
5.000% due 08/01/2039 |
|
|
|
|
1,250 |
|
|
|
|
|
1,413 |
|
Regents of the University of California Medical Center Pooled Revenue Bonds, Series
2013 |
|
5.000% due 05/15/2043 |
|
|
|
|
5,000 |
|
|
|
|
|
5,978 |
|
River Islands Public Financing Authority, California Special Tax Bonds, Series
2015 |
|
5.500% due 09/01/2045 |
|
|
|
|
3,000 |
|
|
|
|
|
3,352 |
|
Rocklin Unified School District Community Facilities District,
California Special Tax Bonds, (NPFGC Insured), Series 2004 |
|
5.000% due 09/01/2029 |
|
|
|
|
500 |
|
|
|
|
|
501 |
|
Sacramento Municipal Utility District, California Revenue Bonds, Series 2013 |
|
5.000% due 08/15/2037 |
|
|
|
|
3,000 |
|
|
|
|
|
3,669 |
|
San Diego County, California Regional Airport Authority Revenue Bonds, Series
2013 |
|
5.000% due 07/01/2043 |
|
|
|
|
1,325 |
|
|
|
|
|
1,574 |
|
San Diego County, California Water Authority Certificates of Participation Bonds, (AGM Insured),
Series 2008 |
|
5.000% due 05/01/2038 |
|
|
|
|
6,250 |
|
|
|
|
|
6,748 |
|
San Diego Public Facilities Financing Authority Sewer, California Revenue Bonds, Series
2009 |
|
5.250% due 05/15/2039 |
|
|
|
|
4,000 |
|
|
|
|
|
4,523 |
|
San Diego Regional Building Authority, California Revenue Bonds, Series 2009 |
|
5.375% due 02/01/2036 |
|
|
|
|
2,200 |
|
|
|
|
|
2,464 |
|
San Francisco, California City & County Certificates of Participation Bonds, Series
2009 |
|
5.250% due 04/01/2031 |
|
|
|
|
550 |
|
|
|
|
|
611 |
|
San Francisco, California City & County Redevelopment Agency Special Tax Bonds, Series
2013 |
|
5.000% due 08/01/2028 |
|
|
|
|
1,505 |
|
|
|
|
|
1,747 |
|
San Joaquin Hills Transportation Corridor Agency, California Revenue Bonds, Series
2014 |
|
5.000% due 01/15/2050 |
|
|
|
|
2,000 |
|
|
|
|
|
2,317 |
|
San Jose, California Hotel Tax Revenue Bonds, Series 2011 |
|
6.500% due 05/01/2036 |
|
|
|
|
1,500 |
|
|
|
|
|
1,834 |
|
San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series
2015 |
|
5.000% due 10/01/2034 |
|
|
|
|
885 |
|
|
|
|
|
1,090 |
|
San Marcos Unified School District, California General Obligation Bonds, Series
2011 |
|
5.000% due 08/01/2038 |
|
|
|
|
1,000 |
|
|
|
|
|
1,163 |
|
Santa Clara County, California Financing Authority Revenue Bonds, (AMBAC Insured), Series
2007 |
|
5.750% due 02/01/2041 |
|
|
|
|
500 |
|
|
|
|
|
528 |
|
|
|
|
|
|
|
|
See Accompanying Notes |
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
47 |
Schedule of Investments PIMCO California
Municipal Income Fund III (Cont.)
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Santa Cruz County, California Redevelopment Agency Tax Allocation Bonds (BAM Insured), Series
2016 |
|
4.000% due 09/01/2033 (a) |
|
$ |
|
|
470 |
|
|
$ |
|
|
539 |
|
Santa Cruz County, California Redevelopment Agency Tax Allocation Bonds, Series
2009 |
|
7.000% due 09/01/2036 |
|
|
|
|
1,200 |
|
|
|
|
|
1,435 |
|
Stockton Unified School District, California General Obligation Bonds, Series
2016 |
|
5.000% due 08/01/2031 |
|
|
|
|
2,000 |
|
|
|
|
|
2,487 |
|
Sweetwater Union High School District, California General Obligation Bonds, Series
2016 |
|
5.000% due 08/01/2036 |
|
|
|
|
1,250 |
|
|
|
|
|
1,552 |
|
Torrance, California Revenue Bonds, Series 2001 |
|
5.500% due 06/01/2031 |
|
|
|
|
2,950 |
|
|
|
|
|
3,001 |
|
University of California Revenue Bonds, Series 2016 |
|
5.000% due 05/15/2036 |
|
|
|
|
1,000 |
|
|
|
|
|
1,263 |
|
Washington Township Health Care District, California General Obligation Bonds, Series
2013 |
|
5.000% due 08/01/2043 |
|
|
|
|
2,500 |
|
|
|
|
|
2,992 |
|
Western Municipal Water District Facilities Authority, California Revenue Bonds, Series
2009 |
|
5.000% due 10/01/2039 |
|
|
|
|
2,000 |
|
|
|
|
|
2,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
371,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
ILLINOIS 4.0% |
|
Chicago, Illinois General Obligation Bonds, Series 2007 |
|
5.500% due 01/01/2035 |
|
$ |
|
|
3,000 |
|
|
$ |
|
|
3,090 |
|
Chicago, Illinois General Obligation Bonds, Series 2015 |
|
5.250% due 01/01/2028 |
|
|
|
|
3,700 |
|
|
|
|
|
3,818 |
|
5.500% due 01/01/2033 |
|
|
|
|
2,500 |
|
|
|
|
|
2,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDIANA 2.2% |
|
Vigo County, Indiana Hospital Authority Revenue Bonds, Series 2007 |
|
5.750% due 09/01/2042 |
|
|
|
|
5,000 |
|
|
|
|
|
5,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW JERSEY 0.4% |
|
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2007 |
|
4.750% due 06/01/2034 |
|
|
|
|
1,000 |
|
|
|
|
|
988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds & Notes (Cost $337,201) |
|
|
|
|
|
|
|
|
|
|
386,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
SHORT-TERM INSTRUMENTS 0.0% |
|
|
|
SHORT-TERM NOTES 0.0% |
|
Federal Home Loan Bank |
|
0.335% due 07/21/2016 (b)(c) |
|
$ |
|
|
100 |
|
|
$ |
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Instruments (Cost $100) |
|
|
|
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities (Cost $337,301) |
|
|
|
|
|
386,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 162.4% (Cost $337,301) |
|
|
$ |
|
|
386,918 |
|
|
|
Preferred Shares (52.5)% |
|
|
|
|
|
(125,000 |
) |
|
|
Other Assets and Liabilities, net (9.9)% |
|
|
|
|
|
(23,723 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders 100.0% |
|
|
$ |
|
|
238,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) |
When-issued security. |
(b) |
Zero coupon security. |
(c) |
Coupon represents a yield to maturity. |
(d) |
Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund
sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction. See Note 5(b) in the Notes to Financial Statements for more information.
|
(e) |
Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown
bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on June 30, 2016. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to
the inputs used as of June 30, 2016 in valuing the Funds assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category and Subcategory |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair
Value at 06/30/2016 |
|
Investments in Securities, at Value |
|
Municipal Bonds & Notes |
|
California |
|
$ |
0 |
|
|
$ |
371,205 |
|
|
$ |
0 |
|
|
$ |
371,205 |
|
Illinois |
|
|
0 |
|
|
|
9,490 |
|
|
|
0 |
|
|
|
9,490 |
|
Indiana |
|
|
0 |
|
|
|
5,135 |
|
|
|
0 |
|
|
|
5,135 |
|
New Jersey |
|
|
0 |
|
|
|
988 |
|
|
|
0 |
|
|
|
988 |
|
Short-Term Instruments |
|
Short-Term Notes |
|
|
0 |
|
|
|
100 |
|
|
|
0 |
|
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
0 |
|
|
$ |
386,918 |
|
|
$ |
0 |
|
|
$ |
386,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no significant
transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.
|
|
|
|
|
|
|
|
|
48 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
Schedule of Investments PIMCO New York Municipal Income Fund
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
INVESTMENTS IN SECURITIES 155.1% |
|
|
|
MUNICIPAL BONDS & NOTES 154.0% |
|
|
|
ILLINOIS 2.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Chicago, Illinois General Obligation Bonds, Series 2007 |
|
5.500% due 01/01/2042 |
|
$ |
|
|
885 |
|
|
$ |
|
|
903 |
|
Chicago, Illinois General Obligation Bonds, Series 2015 |
|
5.250% due 01/01/2028 |
|
|
|
|
1,500 |
|
|
|
|
|
1,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK 148.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2016 |
|
5.000% due 07/01/2033 (a) |
|
|
|
|
1,000 |
|
|
|
|
|
1,225 |
|
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2011 |
|
5.250% due 02/15/2047 |
|
|
|
|
3,000 |
|
|
|
|
|
3,389 |
|
5.750% due 02/15/2047 |
|
|
|
|
4,000 |
|
|
|
|
|
4,788 |
|
Long Island Power Authority, New York Revenue Bonds, Series 2009 |
|
5.750% due 04/01/2039 |
|
|
|
|
4,500 |
|
|
|
|
|
5,017 |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012 |
|
5.000% due 11/15/2042 |
|
|
|
|
2,000 |
|
|
|
|
|
2,372 |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2013 |
|
5.000% due 11/15/2043 |
|
|
|
|
1,000 |
|
|
|
|
|
1,186 |
|
Nassau County, New York Industrial Development Agency Revenue Bonds, Series
2014 |
|
2.000% due 01/01/2049 ^ |
|
|
|
|
433 |
|
|
|
|
|
54 |
|
6.700% due 01/01/2049 |
|
|
|
|
1,200 |
|
|
|
|
|
1,200 |
|
Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 2006 |
|
5.125% due 06/01/2046 |
|
|
|
|
1,230 |
|
|
|
|
|
1,212 |
|
New York City, New York General Obligation Bonds, Series 2013 |
|
5.000% due 08/01/2031 |
|
|
|
|
2,000 |
|
|
|
|
|
2,435 |
|
New York City, New York Health & Hospital Corp. Revenue Bonds, Series
2010 |
|
5.000% due 02/15/2030 |
|
|
|
|
3,500 |
|
|
|
|
|
3,950 |
|
New York City, New York Industrial Development Agency Revenue Bonds, (AGC Insured),
Series 2009 |
|
6.500% due 01/01/2046 |
|
|
|
|
900 |
|
|
|
|
|
1,008 |
|
7.000% due 03/01/2049 |
|
|
|
|
3,200 |
|
|
|
|
|
3,712 |
|
New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series
2009 |
|
5.250% due 01/15/2039 |
|
|
|
|
5,000 |
|
|
|
|
|
5,515 |
|
New York City, New York Water & Sewer System Revenue Bonds, Series 2007 |
|
4.750% due 06/15/2035 (d) |
|
|
|
|
5,000 |
|
|
|
|
|
5,175 |
|
New York City, New York Water & Sewer System Revenue Bonds, Series 2009 |
|
5.000% due 06/15/2040 |
|
|
|
|
2,500 |
|
|
|
|
|
2,794 |
|
New York Convention Center Development Corp. Revenue Bonds, Series 2015 |
|
5.000% due 11/15/2045 |
|
|
|
|
2,500 |
|
|
|
|
|
3,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
New York Counties Tobacco Trust IV Revenue Bonds, Series 2005 |
|
5.000% due 06/01/2042 |
|
$ |
|
|
2,200 |
|
|
$ |
|
|
2,200 |
|
5.000% due 06/01/2045 |
|
|
|
|
2,000 |
|
|
|
|
|
2,000 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2005 |
|
5.250% due 10/01/2035 (d) |
|
|
|
|
11,410 |
|
|
|
|
|
15,382 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2007 |
|
5.500% due 10/01/2037 |
|
|
|
|
1,925 |
|
|
|
|
|
2,677 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2010 |
|
5.125% due 01/15/2044 |
|
|
|
|
6,150 |
|
|
|
|
|
6,969 |
|
6.375% due 07/15/2049 |
|
|
|
|
1,500 |
|
|
|
|
|
1,699 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2011 |
|
5.000% due 12/15/2041 |
|
|
|
|
2,000 |
|
|
|
|
|
2,384 |
|
5.750% due 11/15/2051 |
|
|
|
|
6,000 |
|
|
|
|
|
7,171 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|
5.000% due 11/15/2044 |
|
|
|
|
1,900 |
|
|
|
|
|
2,205 |
|
New York State Dormitory Authority Revenue Bonds, (AGC Insured), Series 2009 |
|
5.125% due 07/01/2039 |
|
|
|
|
1,000 |
|
|
|
|
|
1,130 |
|
New York State Dormitory Authority Revenue Bonds, Series 2008 |
|
4.500% due 07/01/2035 |
|
|
|
|
2,500 |
|
|
|
|
|
2,639 |
|
5.000% due 07/01/2038 |
|
|
|
|
1,500 |
|
|
|
|
|
1,626 |
|
New York State Dormitory Authority Revenue Bonds, Series 2009 |
|
5.000% due 03/15/2038 |
|
|
|
|
1,000 |
|
|
|
|
|
1,107 |
|
5.125% due 07/01/2039 |
|
|
|
|
1,300 |
|
|
|
|
|
1,467 |
|
5.500% due 03/01/2039 |
|
|
|
|
1,800 |
|
|
|
|
|
2,006 |
|
New York State Dormitory Authority Revenue Bonds, Series 2010 |
|
5.000% due 07/01/2035 |
|
|
|
|
500 |
|
|
|
|
|
571 |
|
5.500% due 07/01/2040 |
|
|
|
|
1,250 |
|
|
|
|
|
1,454 |
|
New York State Dormitory Authority Revenue Bonds, Series 2011 |
|
5.000% due 07/01/2031 |
|
|
|
|
2,000 |
|
|
|
|
|
2,267 |
|
5.500% due 07/01/2036 |
|
|
|
|
1,000 |
|
|
|
|
|
1,190 |
|
6.000% due 07/01/2040 |
|
|
|
|
1,225 |
|
|
|
|
|
1,473 |
|
New York State Dormitory Authority Revenue Bonds, Series 2012 |
|
5.000% due 07/01/2042 |
|
|
|
|
1,350 |
|
|
|
|
|
1,590 |
|
New York State Dormitory Authority Revenue Bonds, Series 2013 |
|
5.000% due 02/15/2029 |
|
|
|
|
1,000 |
|
|
|
|
|
1,218 |
|
New York State Thruway Authority Revenue Bonds, Series 2012 |
|
5.000% due 01/01/2037 |
|
|
|
|
2,000 |
|
|
|
|
|
2,334 |
|
5.000% due 01/01/2042 |
|
|
|
|
3,645 |
|
|
|
|
|
4,237 |
|
New York State Thruway Authority Revenue Bonds, Series 2016 |
|
4.000% due 01/01/2056 |
|
|
|
|
1,000 |
|
|
|
|
|
1,097 |
|
New York State Urban Development Corp. Revenue Bonds, Series 2009 |
|
5.000% due 03/15/2036 (d) |
|
|
|
|
1,800 |
|
|
|
|
|
1,991 |
|
Onondaga County, New York Revenue Bonds, Series 2011 |
|
5.000% due 12/01/2036 |
|
|
|
|
600 |
|
|
|
|
|
703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Port Authority of New York & New Jersey Revenue Bonds, Series 2010 |
|
6.000% due 12/01/2036 |
|
$ |
|
|
1,000 |
|
|
$ |
|
|
1,171 |
|
Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2009 |
|
5.250% due 11/15/2034 (d) |
|
|
|
|
3,000 |
|
|
|
|
|
3,311 |
|
Troy Capital Resource Corp., New York Revenue Bonds, Series 2010 |
|
5.125% due 09/01/2040 |
|
|
|
|
3,000 |
|
|
|
|
|
3,434 |
|
Troy Industrial Development Authority, New York Revenue Bonds, Series 2002 |
|
4.625% due 09/01/2026 |
|
|
|
|
5,860 |
|
|
|
|
|
6,699 |
|
TSASC, Inc., New York Revenue Bonds, Series 2006 |
|
5.000% due 06/01/2026 |
|
|
|
|
4,000 |
|
|
|
|
|
4,004 |
|
5.000% due 06/01/2034 |
|
|
|
|
3,000 |
|
|
|
|
|
2,982 |
|
5.125% due 06/01/2042 |
|
|
|
|
2,705 |
|
|
|
|
|
2,672 |
|
Westchester County Healthcare Corp., New York Revenue Bonds, Series 2010 |
|
6.125% due 11/01/2037 |
|
|
|
|
910 |
|
|
|
|
|
1,106 |
|
Yonkers Economic Development Corp., New York Revenue Bonds, Series 2010 |
|
6.000% due 10/15/2030 |
|
|
|
|
200 |
|
|
|
|
|
214 |
|
Yonkers Industrial Development Agency, New York Revenue Bonds, Series 2001 |
|
6.000% due 06/01/2041 |
|
|
|
|
400 |
|
|
|
|
|
450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
146,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OHIO 3.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series
2007 |
|
6.500% due 06/01/2047 |
|
|
|
|
2,875 |
|
|
|
|
|
2,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds & Notes (Cost $133,493) |
|
|
|
|
|
152,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INSTRUMENTS 1.1% |
|
|
|
SHORT-TERM NOTES 1.1% |
|
Federal Home Loan Bank |
|
0.281% due 07/01/2016 (b)(c) |
|
|
|
|
600 |
|
|
|
|
|
600 |
|
0.294% due 07/06/2016 (b)(c) |
|
|
|
|
500 |
|
|
|
|
|
500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Instruments (Cost $1,100) |
|
|
|
|
|
1,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities (Cost $134,593) |
|
|
|
|
|
153,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 155.1% (Cost $134,593) |
|
|
$ |
|
|
153,421 |
|
|
|
Preferred Shares (47.5)% |
|
|
(47,000 |
) |
|
|
Other Assets and Liabilities, net (7.6)% |
|
|
(7,532 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders 100.0% |
|
|
$ |
|
|
98,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
Security is in default. |
(a) |
When-issued security. |
(b) |
Zero coupon security. |
(c) |
Coupon represents a yield to maturity. |
(d) |
Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund
sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction. See Note 5(b) in the Notes to Financial Statements for more information.
|
|
|
|
|
|
|
|
See Accompanying Notes |
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
49 |
Schedule of Investments PIMCO New York
Municipal Income Fund (Cont.)
June 30, 2016 (Unaudited)
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Funds assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category and Subcategory |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value at 06/30/2016 |
|
Investments in Securities, at Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois |
|
$ |
0 |
|
|
$ |
2,451 |
|
|
$ |
0 |
|
|
$ |
2,451 |
|
New York |
|
|
0 |
|
|
|
146,920 |
|
|
|
0 |
|
|
|
146,920 |
|
Ohio |
|
|
0 |
|
|
|
2,950 |
|
|
|
0 |
|
|
|
2,950 |
|
Short-Term Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Notes |
|
|
0 |
|
|
|
1,100 |
|
|
|
0 |
|
|
|
1,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
0 |
|
|
$ |
153,421 |
|
|
$ |
0 |
|
|
$ |
153,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.
|
|
|
|
|
|
|
|
|
50 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
Schedule of Investments PIMCO New York Municipal Income Fund II
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
INVESTMENTS IN SECURITIES 165.2% |
|
|
|
MUNICIPAL BONDS & NOTES 164.5% |
|
|
|
FLORIDA 0.9% |
|
Clearwater, Florida Water & Sewer Revenue Bonds, Series 2009 |
|
5.250% due 12/01/2039 |
|
$ |
|
1,000 |
|
$ |
|
|
|
|
1,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ILLINOIS 1.6% |
|
Chicago, Illinois General Obligation Bonds, Series 2015 |
|
5.250% due 01/01/2028 |
|
|
|
2,100 |
|
|
|
|
|
|
2,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOUISIANA 0.8% |
|
East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2009 |
|
5.250% due 02/01/2039 |
|
|
|
1,000 |
|
|
|
|
|
|
1,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK 159.3% |
|
Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2015 |
|
5.000% due 07/01/2045 |
|
|
|
3,000 |
|
|
|
|
|
|
3,619 |
|
Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2016 |
|
5.000% due 07/01/2033 (a) |
|
|
|
1,000 |
|
|
|
|
|
|
1,225 |
|
Erie County, New York Industrial Development Agency Revenue Bonds, Series
2006 |
|
6.000% due 11/15/2036 |
|
|
|
150 |
|
|
|
|
|
|
153 |
|
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2011 |
|
5.750% due 02/15/2047 |
|
|
|
9,000 |
|
|
|
|
|
|
10,772 |
|
Long Island Power Authority, New York Revenue Bonds, Series 2014 |
|
5.000% due 09/01/2044 |
|
|
|
3,500 |
|
|
|
|
|
|
4,213 |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2009 |
|
5.000% due 11/15/2034 |
|
|
|
2,000 |
|
|
|
|
|
|
2,260 |
|
5.500% due 11/15/2039 |
|
|
|
5,000 |
|
|
|
|
|
|
5,566 |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012 |
|
5.000% due 11/15/2030 |
|
|
|
2,100 |
|
|
|
|
|
|
2,548 |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2013 |
|
5.000% due 11/15/2043 |
|
|
|
3,000 |
|
|
|
|
|
|
3,557 |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 |
|
5.000% due 11/15/2036 |
|
|
|
500 |
|
|
|
|
|
|
615 |
|
Monroe County Industrial Development Corp., New York Revenue Bonds, (FHA Insured), Series
2010 |
|
5.500% due 08/15/2040 |
|
|
|
3,500 |
|
|
|
|
|
|
4,097 |
|
Monroe County Industrial Development Corp., New York Revenue Bonds, Series
2013 |
|
5.000% due 07/01/2043 |
|
|
|
1,750 |
|
|
|
|
|
|
2,057 |
|
Nassau County, New York Industrial Development Agency Revenue Bonds, Series
2014 |
|
2.000% due 01/01/2049 ^ |
|
|
|
650 |
|
|
|
|
|
|
81 |
|
6.700% due 01/01/2049 |
|
|
|
1,800 |
|
|
|
|
|
|
1,800 |
|
Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 2006 |
|
5.125% due 06/01/2046 |
|
|
|
4,000 |
|
|
|
|
|
|
3,943 |
|
New York City, New York General Obligation Bonds, Series 2013 |
|
5.000% due 08/01/2031 |
|
|
|
2,000 |
|
|
|
|
|
|
2,435 |
|
New York City, New York Health & Hospital Corp. Revenue Bonds, Series
2010 |
|
5.000% due 02/15/2030 |
|
|
|
1,500 |
|
|
|
|
|
|
1,693 |
|
New York City, New York Industrial Development Agency Revenue Bonds, (AGC Insured), Series
2009 |
|
6.500% due 01/01/2046 |
|
|
|
1,500 |
|
|
|
|
|
|
1,680 |
|
7.000% due 03/01/2049 |
|
|
|
4,900 |
|
|
|
|
|
|
5,683 |
|
New York City, New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series
2006 |
|
5.000% due 03/01/2031 |
|
|
|
750 |
|
|
|
|
|
|
755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
New York City, New York Industrial Development Agency Revenue Bonds, (NPFGC Insured), Series
2006 |
|
5.000% due 03/01/2036 |
|
$ |
|
1,900 |
|
$ |
|
|
|
|
1,912 |
|
New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series
2009 |
|
5.250% due 01/15/2039 |
|
|
|
5,000 |
|
|
|
|
|
|
5,515 |
|
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series
2012 |
|
5.000% due 05/01/2039 |
|
|
|
2,000 |
|
|
|
|
|
|
2,367 |
|
New York City, New York Water & Sewer System Revenue Bonds, Series 2009 |
|
5.000% due 06/15/2039 |
|
|
|
500 |
|
|
|
|
|
|
559 |
|
5.250% due 06/15/2040 |
|
|
|
1,000 |
|
|
|
|
|
|
1,126 |
|
New York Convention Center Development Corp. Revenue Bonds, Series 2015 |
|
5.000% due 11/15/2045 |
|
|
|
4,000 |
|
|
|
|
|
|
4,893 |
|
New York Counties Tobacco Trust IV Revenue Bonds, Series 2005 |
|
5.000% due 06/01/2042 |
|
|
|
3,000 |
|
|
|
|
|
|
3,000 |
|
5.000% due 06/01/2045 |
|
|
|
2,000 |
|
|
|
|
|
|
2,000 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2005 |
|
5.250% due 10/01/2035 (d) |
|
|
|
6,350 |
|
|
|
|
|
|
8,561 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2007 |
|
5.500% due 10/01/2037 |
|
|
|
3,500 |
|
|
|
|
|
|
4,867 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2010 |
|
5.125% due 01/15/2044 |
|
|
|
1,500 |
|
|
|
|
|
|
1,700 |
|
5.625% due 07/15/2047 |
|
|
|
1,400 |
|
|
|
|
|
|
1,618 |
|
6.375% due 07/15/2049 |
|
|
|
1,300 |
|
|
|
|
|
|
1,472 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2011 |
|
5.000% due 12/15/2041 |
|
|
|
3,000 |
|
|
|
|
|
|
3,576 |
|
5.750% due 11/15/2051 |
|
|
|
10,000 |
|
|
|
|
|
|
11,952 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|
5.000% due 11/15/2044 |
|
|
|
2,000 |
|
|
|
|
|
|
2,321 |
|
New York State Dormitory Authority Revenue Bonds, (AMBAC Insured), Series
2005 |
|
5.500% due 05/15/2031 |
|
|
|
7,490 |
|
|
|
|
|
|
10,515 |
|
New York State Dormitory Authority Revenue Bonds, Series 2006 |
|
5.000% due 07/01/2035 |
|
|
|
2,750 |
|
|
|
|
|
|
2,750 |
|
New York State Dormitory Authority Revenue Bonds, Series 2007 |
|
5.625% due 07/01/2037 |
|
|
|
1,000 |
|
|
|
|
|
|
1,049 |
|
New York State Dormitory Authority Revenue Bonds, Series 2008 |
|
5.000% due 07/01/2036 |
|
|
|
2,000 |
|
|
|
|
|
|
2,162 |
|
5.000% due 07/01/2038 |
|
|
|
2,100 |
|
|
|
|
|
|
2,277 |
|
New York State Dormitory Authority Revenue Bonds, Series 2009 |
|
5.000% due 03/15/2038 |
|
|
|
3,000 |
|
|
|
|
|
|
3,320 |
|
5.500% due 05/01/2037 |
|
|
|
600 |
|
|
|
|
|
|
679 |
|
5.500% due 03/01/2039 |
|
|
|
3,000 |
|
|
|
|
|
|
3,343 |
|
New York State Dormitory Authority Revenue Bonds, Series 2010 |
|
5.500% due 07/01/2040 |
|
|
|
1,000 |
|
|
|
|
|
|
1,163 |
|
New York State Dormitory Authority Revenue Bonds, Series 2011 |
|
5.000% due 07/01/2031 |
|
|
|
2,000 |
|
|
|
|
|
|
2,267 |
|
5.500% due 07/01/2036 |
|
|
|
1,500 |
|
|
|
|
|
|
1,785 |
|
New York State Dormitory Authority Revenue Bonds, Series 2015 |
|
5.000% due 07/01/2045 |
|
|
|
4,000 |
|
|
|
|
|
|
4,894 |
|
New York State Environmental Facilities Corp. Revenue Bonds, Series 2009 |
|
5.125% due 06/15/2038 |
|
|
|
5,000 |
|
|
|
|
|
|
5,595 |
|
New York State Thruway Authority Revenue Bonds, Series 2012 |
|
5.000% due 01/01/2042 |
|
|
|
3,800 |
|
|
|
|
|
|
4,417 |
|
New York State Urban Development Corp. Revenue Bonds, Series 2009 |
|
5.000% due 03/15/2036 (d) |
|
|
|
6,000 |
|
|
|
|
|
|
6,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series
2014 |
|
5.250% due 05/15/2034 |
|
$ |
|
500 |
|
$ |
|
|
|
|
581 |
|
5.250% due 05/15/2040 |
|
|
|
500 |
|
|
|
|
|
|
577 |
|
Onondaga County, New York Revenue Bonds, Series 2011 |
|
5.000% due 12/01/2036 |
|
|
|
1,000 |
|
|
|
|
|
|
1,171 |
|
Port Authority of New York & New Jersey Revenue Bonds, Series 2010 |
|
6.000% due 12/01/2036 |
|
|
|
1,400 |
|
|
|
|
|
|
1,639 |
|
Tender Option Bond Trust Receipts/Certificates, New York Revenue Bonds, Series
2009 |
|
8.990% due 07/01/2039 (e) |
|
|
|
5,000 |
|
|
|
|
|
|
6,164 |
|
Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2009 |
|
5.250% due 11/15/2034 (d) |
|
|
|
5,000 |
|
|
|
|
|
|
5,519 |
|
Troy Capital Resource Corp., New York Revenue Bonds, Series 2010 |
|
5.125% due 09/01/2040 |
|
|
|
3,435 |
|
|
|
|
|
|
3,932 |
|
TSASC, Inc., New York Revenue Bonds, Series 2006 |
|
5.000% due 06/01/2026 |
|
|
|
7,000 |
|
|
|
|
|
|
7,006 |
|
5.000% due 06/01/2034 |
|
|
|
5,000 |
|
|
|
|
|
|
4,971 |
|
5.125% due 06/01/2042 |
|
|
|
4,000 |
|
|
|
|
|
|
3,952 |
|
Ulster County, New York Industrial Development Agency Revenue Bonds, Series 2007
|
|
6.000% due 09/15/2037 |
|
|
|
1,815 |
|
|
|
|
|
|
1,827 |
|
Westchester County Healthcare Corp, New York Revenue Bonds, Series 2010 |
|
6.125% due 11/01/2037 |
|
|
|
1,490 |
|
|
|
|
|
|
1,811 |
|
Westchester County, New York Local Development Corp. Revenue Bonds, Series 2014
|
|
5.500% due 05/01/2042 |
|
|
|
1,000 |
|
|
|
|
|
|
1,178 |
|
Yonkers Economic Development Corp., New York Revenue Bonds, Series 2010 |
|
6.000% due 10/15/2030 |
|
|
|
1,000 |
|
|
|
|
|
|
1,072 |
|
Yonkers Industrial Development Agency, New York Revenue Bonds, Series 2001 |
|
6.000% due 06/01/2041 |
|
|
|
600 |
|
|
|
|
|
|
675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
211,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OHIO 1.1% |
|
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2007
|
|
6.500% due 06/01/2047 |
|
|
|
1,435 |
|
|
|
|
|
|
1,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. VIRGIN ISLANDS 0.8% |
|
Virgin Islands Public Finance Authority, U.S. Virgin Islands Revenue Bonds, Series 2009
|
|
6.000% due 10/01/2039 |
|
|
|
1,000 |
|
|
|
|
|
|
1,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds & Notes (Cost $191,323) |
|
|
|
|
|
|
|
|
218,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INSTRUMENTS 0.7% |
|
|
|
SHORT-TERM NOTES 0.7% |
|
Federal Home Loan Bank |
|
0.294% due 07/06/2016 (b)(c) |
|
|
|
900 |
|
|
|
|
|
|
900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Instruments (Cost $900) |
|
|
|
|
|
|
|
|
900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities (Cost $192,223) |
|
|
|
|
|
|
|
|
219,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 165.2% (Cost $192,223) |
|
|
|
$ |
|
|
|
|
219,027 |
|
|
|
Preferred Shares (59.6)% |
|
|
|
|
|
|
|
|
(79,000 |
) |
|
|
Other Assets and Liabilities, net (5.6)% |
|
|
|
|
|
|
(7,450 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders 100.0% |
|
$ |
|
|
|
|
132,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Accompanying Notes |
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
51 |
Schedule of Investments PIMCO New York
Municipal Income Fund II (Cont.)
June 30, 2016 (Unaudited)
NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
Security is in default. |
(a) |
When-issued security. |
(b) |
Zero coupon security. |
(c) |
Coupon represents a yield to maturity. |
(d) |
Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund
sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction. See Note 5(b) in the Notes to Financial Statements for more information.
|
(e) |
Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown
bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on June 30, 2016. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to
the inputs used as of June 30, 2016 in valuing the Funds assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category and Subcategory |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value at 06/30/2016 |
|
Investments in Securities, at Value |
|
|
|
|
|
|
|
|
|
Municipal Bonds & Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida |
|
$ |
0 |
|
|
$ |
1,136 |
|
|
$ |
0 |
|
|
$ |
1,136 |
|
Illinois |
|
|
0 |
|
|
|
2,166 |
|
|
|
0 |
|
|
|
2,166 |
|
Louisiana |
|
|
0 |
|
|
|
1,115 |
|
|
|
0 |
|
|
|
1,115 |
|
New York |
|
|
0 |
|
|
|
211,120 |
|
|
|
0 |
|
|
|
211,120 |
|
Ohio |
|
|
0 |
|
|
|
1,473 |
|
|
|
0 |
|
|
|
1,473 |
|
U.S. Virgin Islands |
|
|
0 |
|
|
|
1,117 |
|
|
|
0 |
|
|
|
1,117 |
|
Short-Term Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Notes |
|
|
0 |
|
|
|
900 |
|
|
|
0 |
|
|
|
900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
0 |
|
|
$ |
219,027 |
|
|
$ |
0 |
|
|
$ |
219,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no significant
transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.
|
|
|
|
|
|
|
|
|
52 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
Schedule of Investments PIMCO New York Municipal Income Fund III
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
INVESTMENTS IN SECURITIES 164.3% |
|
|
|
MUNICIPAL BONDS & NOTES 164.1% |
|
|
|
ILLINOIS 3.4% |
|
Chicago, Illinois General Obligation Bonds, Series 2015 |
|
5.250% due 01/01/2028 |
|
$ |
|
|
1,900 |
|
|
$ |
|
|
1,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK 156.2% |
|
Brooklyn Arena Local Development Corp., New York Revenue Bonds, Series 2009 |
|
6.375% due 07/15/2043 |
|
|
|
|
1,000 |
|
|
|
|
|
1,160 |
|
Dutchess County, New York Industrial Development Agency Revenue Bonds, Series
2007 |
|
5.250% due 01/01/2037 |
|
|
|
|
695 |
|
|
|
|
|
693 |
|
Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2016 |
|
5.000% due 07/01/2033 (a) |
|
|
|
|
500 |
|
|
|
|
|
612 |
|
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2011 |
|
5.750% due 02/15/2047 |
|
|
|
|
4,000 |
|
|
|
|
|
4,788 |
|
Long Island Power Authority, New York Revenue Bonds, Series 2009 |
|
5.750% due 04/01/2039 |
|
|
|
|
1,500 |
|
|
|
|
|
1,672 |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2009 |
|
5.000% due 11/15/2034 |
|
|
|
|
500 |
|
|
|
|
|
565 |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2013 |
|
5.000% due 11/15/2042 |
|
|
|
|
2,000 |
|
|
|
|
|
2,369 |
|
5.000% due 11/15/2043 |
|
|
|
|
4,000 |
|
|
|
|
|
4,743 |
|
Monroe County Industrial Development Corp., New York Revenue Bonds, (FHA Insured), Series
2010 |
|
5.500% due 08/15/2040 |
|
|
|
|
1,500 |
|
|
|
|
|
1,756 |
|
Monroe County Industrial Development Corp., New York Revenue Bonds, Series
2013 |
|
5.000% due 07/01/2043 |
|
|
|
|
1,750 |
|
|
|
|
|
2,057 |
|
Nassau County, New York Industrial Development Agency Revenue Bonds, Series
2014 |
|
2.000% due 01/01/2049 ^ |
|
|
|
|
135 |
|
|
|
|
|
17 |
|
6.700% due 01/01/2049 |
|
|
|
|
375 |
|
|
|
|
|
375 |
|
New York City, New York General Obligation Bonds, Series 2013 |
|
5.000% due 08/01/2031 |
|
|
|
|
2,590 |
|
|
|
|
|
3,153 |
|
New York City, New York Industrial Development Agency Revenue Bonds, (AGC Insured), Series
2009 |
|
6.500% due 01/01/2046 |
|
|
|
|
600 |
|
|
|
|
|
672 |
|
7.000% due 03/01/2049 |
|
|
|
|
2,200 |
|
|
|
|
|
2,552 |
|
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds,
Series 2013 |
|
5.000% due 11/01/2042 |
|
|
|
|
2,000 |
|
|
|
|
|
2,419 |
|
New York City, New York Trust for Cultural Resources Revenue Bonds, Series
2014 |
|
5.000% due 08/01/2043 |
|
|
|
|
2,000 |
|
|
|
|
|
2,355 |
|
New York City, New York Water & Sewer System Revenue Bonds, Series 2007 |
|
4.750% due 06/15/2035 (d) |
|
|
|
|
5,000 |
|
|
|
|
|
5,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
New York City, New York Water & Sewer System Revenue Bonds, Series 2009 |
|
5.000% due 06/15/2039 |
|
$ |
|
|
1,500 |
|
|
$ |
|
|
1,677 |
|
New York City, New York Water & Sewer System Revenue Bonds, Series 2012 |
|
5.000% due 06/15/2047 |
|
|
|
|
2,500 |
|
|
|
|
|
2,983 |
|
New York Convention Center Development Corp. Revenue Bonds, Series 2015 |
|
5.000% due 11/15/2045 |
|
|
|
|
2,000 |
|
|
|
|
|
2,447 |
|
New York Counties Tobacco Trust IV Revenue Bonds, Series 2005 |
|
5.000% due 06/01/2042 |
|
|
|
|
1,270 |
|
|
|
|
|
1,270 |
|
5.000% due 06/01/2045 |
|
|
|
|
2,000 |
|
|
|
|
|
2,000 |
|
New York Counties Tobacco Trust Revenue Bonds, Series 2001 |
|
5.750% due 06/01/2043 |
|
|
|
|
2,000 |
|
|
|
|
|
2,027 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2007 |
|
5.500% due 10/01/2037 |
|
|
|
|
2,400 |
|
|
|
|
|
3,337 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2010 |
|
5.125% due 01/15/2044 |
|
|
|
|
2,000 |
|
|
|
|
|
2,266 |
|
6.375% due 07/15/2049 |
|
|
|
|
1,050 |
|
|
|
|
|
1,189 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2011 |
|
5.750% due 11/15/2051 |
|
|
|
|
4,000 |
|
|
|
|
|
4,781 |
|
New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|
5.000% due 11/15/2044 |
|
|
|
|
2,000 |
|
|
|
|
|
2,321 |
|
New York State Dormitory Authority Revenue Bonds, Series 2009 |
|
5.000% due 03/15/2038 |
|
|
|
|
1,000 |
|
|
|
|
|
1,107 |
|
5.500% due 03/01/2039 |
|
|
|
|
1,200 |
|
|
|
|
|
1,337 |
|
New York State Dormitory Authority Revenue Bonds, Series 2010 |
|
5.500% due 07/01/2040 |
|
|
|
|
500 |
|
|
|
|
|
582 |
|
New York State Dormitory Authority Revenue Bonds, Series 2011 |
|
6.000% due 07/01/2040 |
|
|
|
|
250 |
|
|
|
|
|
301 |
|
New York State Dormitory Authority Revenue Bonds, Series 2012 |
|
5.000% due 05/15/2026 |
|
|
|
|
1,000 |
|
|
|
|
|
1,209 |
|
5.000% due 12/15/2027 |
|
|
|
|
2,000 |
|
|
|
|
|
2,464 |
|
New York State Dormitory Authority Revenue Bonds, Series 2013 |
|
5.000% due 02/15/2029 |
|
|
|
|
750 |
|
|
|
|
|
913 |
|
New York State Environmental Facilities Corp. Revenue Bonds, Series 2007 |
|
4.750% due 06/15/2032 |
|
|
|
|
750 |
|
|
|
|
|
777 |
|
New York State Thruway Authority Revenue Bonds, Series 2012 |
|
5.000% due 01/01/2042 |
|
|
|
|
1,600 |
|
|
|
|
|
1,860 |
|
New York State Urban Development Corp. Revenue Bonds, Series 2009 |
|
5.000% due 03/15/2036 (d) |
|
|
|
|
2,200 |
|
|
|
|
|
2,434 |
|
Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series
2014 |
|
5.250% due 05/15/2034 |
|
|
|
|
500 |
|
|
|
|
|
581 |
|
5.250% due 05/15/2040 |
|
|
|
|
500 |
|
|
|
|
|
577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL AMOUNT (000S) |
|
|
|
|
MARKET VALUE (000S) |
|
Onondaga County, New York Revenue Bonds, Series 2011 |
|
5.000% due 12/01/2036 |
|
$ |
|
|
400 |
|
|
$ |
|
|
469 |
|
Port Authority of New York & New Jersey Revenue Bonds, Series 2010 |
|
6.000% due 12/01/2036 |
|
|
|
|
600 |
|
|
|
|
|
702 |
|
Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2009 |
|
5.250% due 11/15/2034 (d) |
|
|
|
|
2,000 |
|
|
|
|
|
2,207 |
|
Troy Capital Resource Corp., New York Revenue Bonds, Series 2010 |
|
5.125% due 09/01/2040 |
|
|
|
|
1,400 |
|
|
|
|
|
1,602 |
|
TSASC, Inc., New York Revenue Bonds, Series 2006 |
|
5.000% due 06/01/2026 |
|
|
|
|
4,000 |
|
|
|
|
|
4,004 |
|
5.000% due 06/01/2034 |
|
|
|
|
100 |
|
|
|
|
|
99 |
|
5.125% due 06/01/2042 |
|
|
|
|
1,000 |
|
|
|
|
|
988 |
|
Westchester County Healthcare Corp, New York Revenue Bonds, Series 2010 |
|
6.125% due 11/01/2037 |
|
|
|
|
600 |
|
|
|
|
|
729 |
|
Yonkers Economic Development Corp., New York Revenue Bonds, Series 2010 |
|
6.000% due 10/15/2030 |
|
|
|
|
100 |
|
|
|
|
|
107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OHIO 3.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series
2007 |
|
6.500% due 06/01/2047 |
|
|
|
|
1,950 |
|
|
|
|
|
2,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. VIRGIN ISLANDS 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Virgin Islands Public Finance Authority, U.S. Virgin Islands Revenue Bonds, Series
2009 |
|
6.000% due 10/01/2039 |
|
|
|
|
500 |
|
|
|
|
|
559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds & Notes (Cost $82,233) |
|
|
93,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INSTRUMENTS 0.2% |
|
|
|
SHORT-TERM NOTES 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank |
|
0.325% due 08/10/2016 (b)(c) |
|
|
|
|
100 |
|
|
|
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Instruments (Cost $100) |
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities (Cost $82,333) |
|
|
93,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 164.3% (Cost $82,333) |
|
|
$ |
|
|
93,100 |
|
|
|
Preferred Shares (56.5)% |
|
|
(32,000 |
) |
|
|
Other Assets and Liabilities, net (7.8)% |
|
|
(4,446 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders 100.0% |
|
|
$ |
|
|
56,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
Security is in default. |
(a) |
When-issued security. |
(b) |
Zero coupon security. |
(c) |
Coupon represents a yield to maturity. |
(d) |
Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund
sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction. See Note 5(b) in the Notes to Financial Statements for more information.
|
|
|
|
|
|
|
|
See Accompanying Notes |
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
53 |
Schedule of Investments PIMCO New York
Municipal Income Fund III (Cont.)
June 30, 2016 (Unaudited)
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Funds assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category and Subcategory |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value at 06/30/2016 |
|
Investments in Securities, at Value |
|
Municipal Bonds & Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois |
|
$ |
0 |
|
|
$ |
1,960 |
|
|
$ |
0 |
|
|
$ |
1,960 |
|
New York |
|
|
0 |
|
|
|
88,480 |
|
|
|
0 |
|
|
|
88,480 |
|
Ohio |
|
|
0 |
|
|
|
2,001 |
|
|
|
0 |
|
|
|
2,001 |
|
U.S. Virgin Islands |
|
|
0 |
|
|
|
559 |
|
|
|
0 |
|
|
|
559 |
|
Short-Term Instruments |
|
Short-Term Notes |
|
|
0 |
|
|
|
100 |
|
|
|
0 |
|
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
0 |
|
|
$ |
93,100 |
|
|
$ |
0 |
|
|
$ |
93,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no significant
transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.
|
|
|
|
|
|
|
|
|
54 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
See Accompanying Notes |
|
Notes to Financial Statements
June 30, 2016 (Unaudited)
1. ORGANIZATION
PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO California Municipal Income Fund, PIMCO
California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II and PIMCO New York Municipal Income Fund III (each a Fund and collectively the
Funds) are organized as closed-end management investment companies registered under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (the Act). Each Fund was organized as a
Massachusetts business trust on the dates shown in the table below. Pacific Investment Management Company LLC (PIMCO or the Manager) serves as the Funds investment manager.
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Name |
|
|
|
|
Formation Date |
|
|
|
|
PIMCO Municipal Income Fund |
|
|
|
|
|
|
May 9, 2001 |
|
|
|
|
|
PIMCO Municipal Income Fund II |
|
|
|
|
|
|
March 29, 2002 |
|
|
|
|
|
PIMCO Municipal Income Fund III |
|
|
|
|
|
|
August 20, 2002 |
|
|
|
|
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
|
May 10, 2001 |
|
|
|
|
|
PIMCO California Municipal Income Fund II |
|
|
|
|
|
|
March 29, 2002 |
|
|
|
|
|
PIMCO California Municipal Income Fund III |
|
|
|
|
|
|
August 20, 2002 |
|
|
|
|
|
PIMCO New York Municipal Income Fund |
|
|
|
|
|
|
May 10, 2001 |
|
|
|
|
|
PIMCO New York Municipal Income Fund II |
|
|
|
|
|
|
March 29, 2002 |
|
|
|
|
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
|
August 20, 2002 |
|
|
|
|
|
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies
consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Each Fund is treated as an investment company
under the reporting requirements of U.S. GAAP. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date
for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis.
Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for
the accretion of discounts and amortization of premiums, is recorded on
the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For
convertible securities, premiums attributable to the conversion feature are not amortized.
Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a
portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.
(b) Distributions Common Shares The Funds intend to declare distributions from net investment
income to common shareholders monthly. Distributions of net realized capital gains, if any, are paid at least annually.
Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.
Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods
of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Funds annual financial
statements presented under U.S. GAAP.
If a Fund
estimates that a portion of one of its dividend distributions may be comprised of amounts from sources other than net investment income, the Fund will notify shareholders of record of the estimated composition of such distribution through a
Section 19 Notice. To determine the sources of a Funds distributions during the reporting period, the Fund references its internal accounting records at the time the distribution is paid and generally bases its projections of the final
tax character of those distributions on the tax characteristics of the distribution reflected in its internal accounting records at the time of such payment. If, based on such records, a particular distribution does not include capital gains or
paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Funds daily internal accounting records, the Funds financial statements presented
in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic
payments under interest rate swap contracts. Notwithstanding a Funds estimates and projections, it is possible that a Fund may not issue a Section 19 Notice in situations
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
55 |
Notes to Financial Statements (Cont.)
where the Funds financial statements prepared later and in accordance with U.S. GAAP or the final tax character of those distributions might later report that the sources of those
distributions included capital gains and/or a return of capital. Additionally, given differences in tax and U.S. GAAP treatment of certain distributions, a Fund may not issue a Section 19 Notice in situations where the Funds financial
statements prepared later and in accordance with U.S. GAAP might report that the sources of these distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable,
for additional information regarding the composition of distributions. Final determination of a distributions tax character will be reported on Form 1099 DIV sent to shareholders each January.
Distributions classified as a tax basis return of capital, if
any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital. In addition, other amounts have been reclassified between undistributed (overdistributed) net investment income (loss), accumulated
undistributed (overdistributed) net realized gains (losses) and/or paid in capital to more appropriately conform financial accounting to tax characterizations of distributions.
(c) New Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (FASB)
issued Accounting Standards Update (ASU) 2014-15 requiring management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entitys ability to continue as a going
concern. The ASU is effective prospectively for annual periods ending after December 15, 2016, and interim periods thereafter. At this time, management is evaluating the implications of these changes on the financial statements.
In May 2015, the FASB issued ASU 2015-07 which removes the
requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for all investments
that are eligible to be measured at fair value using the net asset value per share practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. The ASU did not have
an impact on the Funds financial statements.
3. INVESTMENT
VALUATION AND FAIR VALUE MEASUREMENTS
(a) Investment Valuation Policies The net asset value (NAV) of a Funds shares is determined
by dividing the total value of portfolio investments and other assets attributable to that Fund, less any liabilities, by the total number of shares outstanding of that Fund.
On each day that the New York Stock Exchange (NYSE)
is open, Fund shares are ordinarily valued as of the close of regular trading
(NYSE Close). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to
retroactively adjust the price of a security or the NAV determined earlier that day. Each Fund reserves the right to change the time as of which its respective NAV is calculated if the Fund closes earlier, or as permitted by the U.S. Securities and
Exchange Commission (the SEC).
For
purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales
prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds approved pricing services, quotation reporting systems and other third-party sources
(together, Pricing Services). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after
the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. A foreign (non-U.S.)
equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange
traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from
Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities
purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the
relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services or other pricing sources. With respect to any portion of a Funds assets that are
invested in one or more open-end management investment companies (other than exchange-traded funds (ETFs)), a Funds NAV will be calculated based upon the NAVs of such investments.
Investments for which market quotes or market-based valuations
are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in
|
|
|
|
|
|
|
|
|
56 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
|
|
June 30, 2016 (Unaudited)
circumstances where market quotes are not readily available, and has delegated to PIMCO the
responsibility for applying the fair valuation methods. In the event that market quotes or market-based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the
security or asset will be determined in good faith by the Valuation Oversight Committee of the Board (Valuation Oversight Committee), generally based on recommendations provided by the Manager. Market quotes are considered not readily
available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (Broker Quotes), Pricing Services prices), including where
events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Funds securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary
circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Manager the responsibility for monitoring significant events
that may materially affect the values of a Funds securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.
When a Fund uses fair valuation to determine the value of a
portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons
acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Funds policy is intended to result in a calculation of a Funds NAV that fairly reflects
security values as of the time of pricing, the Funds cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that
security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.
(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the
measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value
measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are
defined as follows:
n |
|
Level 1 Inputs using (unadjusted) quoted prices in active markets or exchanges for identical assets and liabilities.
|
n |
|
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. |
n |
|
Level 3 Significant unobservable inputs based on the best information available in the circumstances, to the extent observable
inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments. |
In accordance with the requirements of U.S. GAAP, the amounts of transfers between Levels 1 and 2 and transfers
into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments of each respective Fund.
For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for
reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end
of period timing recognition is used for the transfers between Levels of a Funds assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair
value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs,
have been included in the Notes to Schedule of Investments for each respective Fund.
(c) Valuation Techniques and the Fair Value Hierarchy
Level 1 and Level 2 trading assets and trading liabilities, at fair
value The valuation methods (or techniques) and significant inputs used in determining the fair values of portfolio securities or other assets and
liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:
Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible
preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models.
The Pricing Services internal models use inputs that are
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SEMIANNUAL REPORT |
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Notes to Financial Statements (Cont.)
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.
Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost of such short-term debt
instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Prior to July 31, 2015, short-term debt investments having a maturity of 60 days or less and repurchase
agreements were generally valued at amortized cost which approximates fair value. Short-term debt instruments having a remaining maturity of 60 days or less are categorized as Level 2 of the fair value hierarchy.
The validity of the fair value is reviewed by the Manager on a
periodic basis and may be amended in accordance with a Funds valuation procedures.
4. SECURITIES AND OTHER INVESTMENTS
(a) Investments in Securities
U.S. Government Agencies or Government-Sponsored Enterprises Certain Funds may invest in securities of U.S.
Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury
bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal
Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the U.S. Treasury); and others, such as those of the Federal National Mortgage Association (FNMA or Fannie
Mae), are supported by the discretionary authority of the U.S. Government to purchase the agencys obligations. U.S. Government securities may include zero coupon securities. Zero coupon securities do not distribute interest on a current
basis and tend to be subject to a greater risk than interest-paying securities.
Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (FHLMC or
Freddie Mac). FNMA is a government-sponsored corporation. FNMA purchases conventional
(i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan
associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and
credit of the U.S. Government. FHLMC issues Participation Certificates (PCs), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest
and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.
When-Issued Transactions Certain Funds
may purchase or sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis
involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, a Fund
assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).
5. BORROWINGS AND OTHER FINANCING TRANSACTIONS
The following disclosures contain information on a Funds
ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Funds financial statements is described below.
For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions, please see Note 6, Principal Risks.
(a) Repurchase Agreements Certain Funds may engage in repurchase agreements. Under the terms of a typical
repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. The underlying securities for all
repurchase agreements are held by a Funds custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including
interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased
demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.
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58 |
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PIMCO CLOSED-END FUNDS |
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June 30, 2016 (Unaudited)
(b) Tender Option Bond Transactions Certain Funds may leverage their assets through the use of tender option
bond transactions. In a tender option bond transaction (TOB), a tender option bond trust (TOB Trust) issues floating rate certificates (TOB Floater) and residual interest certificates (TOB Residual)
and utilizes the proceeds of such issuance to purchase a fixed-rate municipal bond (Fixed Rate Bond) that either is owned or identified by a Fund. The TOB Floater is generally issued to third party investors (typically a money market
fund) and the TOB Residual is generally issued to the Fund that sold or identified the Fixed Rate Bond. The TOB Trust divides the income stream provided by the Fixed Rate Bond to create two securities, the TOB Floater, which is a short-term
security, and the TOB Residual, which is a longer-term security. The interest rates payable on the TOB Residual issued to a Fund bear an inverse relationship to the interest rate on the TOB Floater. The interest rate on the TOB Floater is reset by a
remarketing process typically every 7 to 35 days. After income is paid on the TOB Floater at current rates, the residual income from the Fixed Rate Bond goes to the TOB Residual. Therefore, rising short-term rates result in lower income for the TOB
Residual, and vice versa. In the case of a TOB Trust that utilizes the cash received from the issuance of the TOB Floater and TOB Residual (less transaction expenses) to purchase the Fixed Rate Bond from a Fund, the Fund may then invest the cash
received in additional securities, generating leverage for the Fund. Other funds managed or advised by PIMCO (the PIMCO-Managed Funds) may also contribute municipal bonds to a TOB Trust into which a Fund has contributed Fixed Rate Bonds.
If multiple PIMCO-Managed Funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residual will be shared among the funds ratably in proportion to their participation in the TOB Trust.
The TOB Residual may be more volatile and less liquid than other
municipal bonds of comparable maturity. In most circumstances the TOB Residual holder bears substantially all of the underlying Fixed Rate Bonds downside investment risk and also benefits from any appreciation in the value of the underlying
Fixed Rate Bond. Investments in a TOB Residual typically will involve greater risk than investments in Fixed Rate Bonds.
The TOB Residual held by a Fund provides the Fund with the right to: (1) cause the holders of the TOB Floater to tender their notes at par,
and (2) cause the sale of the Fixed-Rate Bond held by the TOB Trust, thereby collapsing the TOB Trust. TOB Trusts are generally supported by a liquidity facility provided by a third party bank or other financial institution (the Liquidity
Provider) that provides for the purchase of TOB Floaters that cannot be remarketed. The holders of the TOB Floaters have the right to tender their certificates in exchange for payment of par plus accrued interest on a periodic basis (typically
weekly) or on the occurrence of certain mandatory tender events. The
tendered TOB Floaters are remarketed by a remarketing agent, which is typically an affiliated entity of the Liquidity Provider. If the TOB Floaters cannot be remarketed, the TOB Floaters are
purchased by the TOB Trust either from the proceeds of a loan from the Liquidity Provider or from a liquidation of the Fixed Rate Bond.
The TOB Trust may also be collapsed without the consent of a Fund, as the TOB Residual holder, upon the occurrence of certain tender
option termination events (or TOTEs) as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the Fixed Rate Bond, a substantial downgrade in credit quality of the Fixed Rate
Bond, or a judgment or ruling that interest on the Fixed Rate Bond is subject to federal income taxation. Upon the occurrence of a termination event, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to
any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the TOB Floater up to par plus accrued interest owed on the TOB Floater and a portion of gain share, if any, with the balance paid out to the
TOB Residual holder. In the case of a mandatory termination event (MTE), after the payment of fees, the TOB Floater holders would be paid before the TOB Residual holders (i.e., the Funds). In contrast, in the case of a TOTE, after
payment of fees, the TOB Floater holders and the TOB Residual holders would be paid pro rata in proportion to the respective face values of their certificates.
Each Funds transfer of Fixed Rate Bonds to a TOB Trust is generally considered a secured borrowing for financial reporting purposes.
The Funds may account for the transactions described above as secured borrowings by including all or a portion of the Fixed Rate Bonds transferred to the TOB Trust in their Schedules of Investments, and account for the TOB Floater as a liability
under the caption Payable for tender option bond floating rate certificates in the Funds Statements of Assets and Liabilities. Interest income, including amortization and accretion of premiums and discounts, from the underlying
municipal bonds is recorded by each Fund on an accrual basis and is shown as interest on the Statements of Operations. Interest payable for the TOB Floater liability is shown as interest expense on the Statements of Operations.
The Funds may also purchase TOB Residuals in a secondary market
transaction without transferring a fixed rate municipal bond into a TOB Trust. Such transactions are not accounted for as secured borrowings but rather as a security purchase with the TOB Residual being included in the Schedule of
Investments.
In December 2013, regulators finalized
rules implementing Section 619 (the Volcker Rule) and Section 941 (the Risk Retention Rules) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The implementation of the final rules is being phased in. Both the
Volcker
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SEMIANNUAL REPORT |
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Notes to Financial Statements (Cont.)
Rule and the Risk Retention Rules apply to tender option bond programs and, when effective, will operate to require that such programs be restructured. In particular these rules will preclude
banking entities from (i) sponsoring or acquiring interests in the trusts used to hold a municipal bond in the creation of TOB Trusts; and (ii) continuing to service or maintain relationships with existing programs involving TOB Trusts to the same
extent and in the same capacity as existing programs.
At this time, the full impact of these rules is not certain; however, in response to these rules, industry participants are continuing to
explore various structuring alternatives for Non-Legacy and Legacy TOB Trusts. For example, under a new tender option bond structure, the Funds would hire service providers to assist the Funds with establishing, structuring and sponsoring a TOB
Trust. Service providers to a TOB Trust, such as administrators, liquidity providers, trustees and remarketing agents would be acting at the direction of, and as agent of, the Funds as the TOB residual holders. This structure remains untested. It is
possible that regulators could take positions that could limit the market for such newly structured TOB Trust transactions or the Funds ability to hold TOB Residuals. Because of the important role that tender option bond programs play in the
municipal bond market, it is possible that implementation of these rules and any resulting impact may adversely impact the municipal bond market and the Funds. For example, as a result of the implementation of these rules, the municipal bond market
may experience reduced demand or liquidity and increased financing costs. Under the new TOB Trust structure, the Funds will have certain additional duties and responsibilities, which may give rise to certain additional risks including, but not
limited to, compliance, legal, regulatory and operational risks.
The SEC and various federal banking and housing agencies adopted Risk Retention Rules which are scheduled to take effect in December 2016. The Risk Retention Rules would require the sponsor
to a TOB Trust to retain at least five percent of the credit risk of the underlying assets supporting the TOB Trusts municipal bonds. The Risk Retention Rules may adversely affect the Funds ability to engage in TOB Trust transactions or
increase the costs of such transactions in certain circumstances.
The Funds are in the process of restructuring Legacy TOB Trusts in conformity with regulatory guidelines. However, there can be no assurances that the Funds can successfully enter into
restructured TOB Trust transactions in order to refinance their existing TOB Residual holdings prior to the compliance date for the Volcker Rule, which may require that the Funds unwind existing TOB Trusts. Until all restructurings are completed, a
Fund may, for a period of time, hold TOB Residuals in both Legacy TOB Trusts and non-bank sponsored restructured TOB Trusts. Under the new TOB Trust structure, the Liquidity Provider or remarketing agent will no longer purchase the tendered TOB
Floaters, even in the event of failed remarketing. This
may increase the likelihood that a TOB Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. The TOB Trust may draw upon a loan from the Liquidity
Provider to purchase the tendered TOB Floaters. Any loans made by the Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust and will be subject to an increased interest rate based on the number of days the loan is
outstanding.
For the period ended June 30, 2016, the
Funds average leverage outstanding from the use of TOB transactions and the daily weighted average interest rate, including fees, were as follows:
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Fund Name |
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|
|
|
Average Leverage Outstanding
(000s) |
|
|
Weighted Average Interest Rate* |
|
PIMCO Municipal Income Fund |
|
|
|
|
|
$ |
12,201 |
|
|
|
1.19% |
|
PIMCO Municipal Income Fund II |
|
|
|
|
|
|
34,370 |
|
|
|
1.14% |
|
PIMCO Municipal Income Fund III |
|
|
|
|
|
|
26,100 |
|
|
|
1.20% |
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
|
28,433 |
|
|
|
1.06% |
|
PIMCO California Municipal Income Fund II |
|
|
|
|
|
|
23,958 |
|
|
|
1.20% |
|
PIMCO California Municipal Income Fund III |
|
|
|
|
|
|
28,229 |
|
|
|
1.10% |
|
PIMCO New York Municipal Income Fund |
|
|
|
|
|
|
10,477 |
|
|
|
0.85% |
|
PIMCO New York Municipal Income Fund II |
|
|
|
|
|
|
8,186 |
|
|
|
1.21% |
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
|
4,933 |
|
|
|
1.08% |
|
6. PRINCIPAL RISKS
In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to such things as changes in the market
(market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a more comprehensive list of potential risks the Funds may be
subject to, please see the Important Information About the Funds.
Market Risks A Funds investments
in financial derivatives and other financial instruments expose the Fund to various risks such as, but not limited to, interest rate, foreign currency, equity and commodity risks.
Interest rate risk is the risk that fixed income securities and
other instruments held by a Fund will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. A nominal interest rate can be described
as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and a Fund may lose money if these changes are not anticipated by Fund management. A Fund may not be able to hedge against
changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended.
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60 |
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PIMCO CLOSED-END FUNDS |
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June 30, 2016 (Unaudited)
Fixed income
securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is a measure used to determine the sensitivity of a securitys price to
changes in interest rates that incorporates a securitys yield, coupon, final maturity and call features, among other characteristics. Duration is useful primarily as a measure of the sensitivity of a fixed income securitys market price
to interest rate (i.e. yield) movements. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed income investments would generally be expected to decline by one percent for every
year of the portfolios average duration above zero. For example, the value of a portfolio of fixed income securities with an average duration of three years would generally be expected to decline by approximately 3% if interest rates rose by
one percentage point. Convexity is an additional measure used to understand a securitys interest rate sensitivity. Convexity measures the rate of change of duration in response to changes in interest rates and may be positive or negative.
Securities with negative convexity may experience greater losses during periods of rising interest rates, and accordingly Funds holding such securities may be subject to a greater risk of losses in periods of rising interest rates. A wide variety of
factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). At present, the U.S. is experiencing historically low interest rates. This, combined with recent economic recovery, the
Federal Reserve Boards conclusion of its quantitative easing program, and recent increases in the interest rates for the first time since 2006, could potentially increase the probability of an upward interest rate environment in the near
future. During periods of very low or negative interest rates, a Fund may be unable to maintain positive returns. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened
market volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates. Rising interest rates may result in a decline in value of a Funds fixed-income investments and in periods of volatility. Further,
while U.S. bond markets have steadily grown over the past three decades, dealer market making ability has remained relatively stagnant. As a result, dealer inventories of certain types of bonds and similar instruments, which provide a
core indication of the ability of financial intermediaries to make markets, are at or near historic lows in relation to market size. Because market makers provide stability to a market through their intermediary services, the significant
reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. All of these factors, collectively and/or
individually, could cause a Fund to lose value.
The
market values of a Funds investments may decline due to general market conditions which are not specifically related to a particular
company or issuer, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor
sentiment. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments
generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. Credit ratings downgrades may also negatively affect
securities held by a Fund. Even when markets perform well, there is no assurance that the investments held by a Fund will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will
disrupt the economy on a national or global level.
Credit and Counterparty Risks A Fund
will be exposed to credit risk to parties with whom it trades and will also bear the risk of settlement default. A Fund seeks to minimize concentrations of credit risk by undertaking transactions with a large number of counterparties on recognized
and reputable exchanges, where applicable. A Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a financial derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or
unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.
Similar to credit risk, a Fund may be exposed to counterparty
risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. PIMCO, as Manager, seeks to minimize counterparty risks to a Fund in a number of ways. Prior to entering into transactions with
a new counterparty, the PIMCO Counterparty Risk Committee conducts an extensive credit review of such counterparty and must approve the use of such counterparty. Furthermore, pursuant to the terms of the underlying contract, to the extent that
unpaid amounts owed to a Fund exceed a predetermined threshold, such counterparty is required to advance collateral to a Fund in the form of cash or securities equal in value to the unpaid amount owed to the Fund. A Fund may invest such collateral
in securities or other instruments and will typically pay interest to the counterparty on the collateral received. If the unpaid amount owed to a Fund subsequently decreases, the Fund would be required to return to the counterparty all or a portion
of the collateral previously advanced to the Fund. PIMCOs attempts to minimize counterparty risk may, however, be unsuccessful.
All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered
minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities
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SEMIANNUAL REPORT |
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Notes to Financial Statements (Cont.)
have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.
To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap
agreements, such limitation only applies to counterparties to over the counter swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.
Master Netting Arrangements The Funds may be subject to various netting arrangements with select
counterparties (Master Agreements). Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and
providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular
organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty
in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty.
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under
the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a
specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other forms
of AAA rated paper or sovereign securities may be used. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with
counterparty (cash). Cash collateral received is typically not held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities
received as collateral is not reflected as a component of NAV. A Funds overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
Master Repurchase Agreements and Global Master
Repurchase Agreements (individually and collectively Master Repo Agreements) govern repurchase, reverse repurchase, and sale-buyback transactions between the Funds and select counterparties. Master Repo Agreements maintain provisions
for, among other things, transaction initiation,
income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by
counterparty as of period end are disclosed in the Notes to Schedule of Investments.
7. FEES AND EXPENSES
(a) Management Fee Pursuant to the
Investment Management Agreement with PIMCO (the Agreement), and subject to the supervision of the Board, PIMCO is responsible for providing to each Fund investment guidance and policy direction in connection with the management of the
Fund, including oral and written research, analysis, advice, and statistical and economic data and information. In addition, pursuant to the Agreement and subject to the general supervision of the Board, PIMCO, at its expense, provides or causes to
be furnished most other supervisory and administrative services the Funds require, including but not limited to, expenses of most third-party service providers (e.g., audit, custodial, legal, transfer agency, printing) and other expenses, such as
those associated with insurance, proxy solicitations and mailings for shareholder meetings, New York Stock Exchange listing and related fees, tax services, valuation services and other services the Funds require for their daily operations.
Pursuant to the Agreement, PIMCO receives an annual
fee, payable monthly, at the annual rates shown in the table below:
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Fund Name |
|
|
|
|
Annual Rate |
|
|
|
|
PIMCO Municipal Income Fund |
|
|
|
|
|
|
0.705% |
(1) |
|
|
|
|
PIMCO Municipal Income Fund II |
|
|
|
|
|
|
0.685% |
(1) |
|
|
|
|
PIMCO Municipal Income Fund III |
|
|
|
|
|
|
0.705% |
(1) |
|
|
|
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
|
0.705% |
(1) |
|
|
|
|
PIMCO California Municipal Income Fund II |
|
|
|
|
|
|
0.705% |
(1) |
|
|
|
|
PIMCO California Municipal Income Fund III |
|
|
|
|
|
|
0.715% |
(1) |
|
|
|
|
PIMCO New York Municipal Income Fund |
|
|
|
|
|
|
0.770% |
(1) |
|
|
|
|
PIMCO New York Municipal Income Fund II |
|
|
|
|
|
|
0.735% |
(1) |
|
|
|
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
|
0.860% |
(1) |
|
|
|
|
(1) |
Management fees calculated based on the Funds average daily net asset value (including daily net assets attributable to any
preferred shares of the Fund that may be outstanding). |
(b) Fund Expenses Each Fund
bears other expenses, which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation or expenses, including travel expenses of any of the Funds executive officers and employees, if any,
who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees and commissions and other portfolio
transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loan and other
investments
|
|
|
|
|
|
|
|
|
62 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
|
|
June 30, 2016 (Unaudited)
made by the Fund, subject to specific or general authorization by the Funds Board); (iv)
expenses of the Funds securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expense, of borrowing money or engaging in other types of
leverage financing, including, without limitation, through the use by the Fund of reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities; (vi) costs, including dividend and/or interest expenses and other costs
(including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred
shares or other securities issued by the Fund and other related requirements in the Funds organizational documents) associated with the Funds issuance, offering, redemption and maintenance of preferred shares, commercial paper or other
senior securities for the purpose of incurring leverage; (vii) fees and expenses of any underlying funds or other pooled investment vehicles in which the Fund invests; (viii) dividend and interest expenses on short positions taken by the Fund; (ix)
fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (x)
extraordinary expenses, including extraordinary legal expenses, that may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers,
employees, shareholders, distributors, and agents with respect thereto; (xi) organizational and offering expenses of the Fund, including with respect to share offerings, such as rights offerings and shelf offerings, following the Funds initial
offering, and expenses associated with tender offers and other share repurchases and redemptions; and (xii) expenses of the Fund which are capitalized in accordance with U.S. GAAP.
Each of the Trustees of the Funds who is not an interested
person under Section 2(a)(19) of the Act, (the Independent Trustees) also serves as a trustee of a number of other closed-end funds for which PIMCO serves as investment manager (together with the Funds, the PIMCO Closed-End
Funds), as well as PIMCO Managed Accounts Trust, an open-end investment company with multiple series for which PIMCO serves as investment adviser and administrator (PMAT and, together with the PIMCO Closed-End Funds, the
PIMCO-Managed Funds). In addition, each of the Independent Trustees also serves as a trustee of certain investment companies (together, the Allianz-Managed Funds), for which Allianz Global Investors Fund Management
(AGIFM), an affiliate of PIMCO that served as the investment manager of the PIMCO Managed Funds prior to the close of business on September 5, 2014, serves as investment adviser.
Each Independent Trustee currently receives annual compensation of $225,000 for his or her
service on the Boards of the PIMCO-Managed Funds, payable quarterly. The Independent Chairman of the Boards receives an additional $75,000 per year, payable quarterly. The Audit Oversight Committee Chairman receives an additional $50,000 annually,
payable quarterly. Trustees are also reimbursed for meeting-related expenses.
Each Trustees compensation for his or her service as a Trustee on the Boards of the PIMCO Managed Funds and other costs in connection with joint meetings of such Funds are allocated
among the PIMCO-Managed Funds, as applicable, on the basis of fixed percentages between PMAT and the PIMCO Closed-End Funds. Trustee compensation and other costs will then be further allocated pro rata among the individual PIMCO-Managed Funds within
each grouping based on each such PIMCO-Managed Funds relative net assets.
8. RELATED PARTY TRANSACTIONS
The Manager is a related party. Fees payable to this party are disclosed in Note 7 and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.
Certain Funds are permitted to
purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or
to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the Act. Further, as
defined under the procedures, each transaction is effected at the current market price. During the period ended June 30, 2016, the Funds below engaged in purchases and sales of securities pursuant to Rule 17a-7 of the Act (amounts in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Name |
|
|
|
|
Purchases |
|
|
Sales |
|
PIMCO Municipal Income Fund |
|
|
|
|
|
$ |
5,214 |
|
|
$ |
0 |
|
PIMCO Municipal Income Fund II |
|
|
|
|
|
|
6,513 |
|
|
|
0 |
|
PIMCO Municipal Income Fund III |
|
|
|
|
|
|
3,650 |
|
|
|
0 |
|
|
A zero balance may reflect actual amounts rounding to less than one thousand. |
9. GUARANTEES AND INDEMNIFICATIONS
Under each Funds organizational documents, each Trustee
and officer is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a
variety of indemnification clauses. The Funds maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims
or losses pursuant to these contracts.
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
63 |
Notes to Financial Statements (Cont.)
10. PURCHASES AND SALES OF SECURITIES
The length of time a Fund has held a particular security is not
generally a consideration in investment decisions. A change in the securities held by a Fund is known as portfolio turnover. Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective,
particularly during periods of volatile market movements. High portfolio turnover involves correspondingly greater transaction costs to a
Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of
taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The transaction costs and tax effects associated with portfolio turnover may adversely affect a Funds performance. The
portfolio turnover rates are reported in the Financial Highlights.
Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2016, as indicated below, were as follows (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U S Government/Agency |
|
|
All Other |
|
Fund Name |
|
|
|
|
Purchases |
|
|
Sales |
|
|
Purchases |
|
|
Sales |
|
PIMCO Municipal Income Fund |
|
|
|
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
14,939 |
|
|
$ |
29,789 |
|
PIMCO Municipal Income Fund II |
|
|
|
|
|
|
0 |
|
|
|
0 |
|
|
|
478 |
|
|
|
41,885 |
|
PIMCO Municipal Income Fund III |
|
|
|
|
|
|
0 |
|
|
|
0 |
|
|
|
8,268 |
|
|
|
10,289 |
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
|
0 |
|
|
|
0 |
|
|
|
14,883 |
|
|
|
4,438 |
|
PIMCO California Municipal Income Fund II |
|
|
|
|
|
|
0 |
|
|
|
0 |
|
|
|
32,242 |
|
|
|
60,844 |
|
PIMCO California Municipal Income Fund III |
|
|
|
|
|
|
0 |
|
|
|
0 |
|
|
|
12,052 |
|
|
|
9,572 |
|
PIMCO New York Municipal Income Fund |
|
|
|
|
|
|
0 |
|
|
|
0 |
|
|
|
6,879 |
|
|
|
4,513 |
|
PIMCO New York Municipal Income Fund II |
|
|
|
|
|
|
0 |
|
|
|
0 |
|
|
|
9,074 |
|
|
|
8,790 |
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
|
0 |
|
|
|
0 |
|
|
|
5,649 |
|
|
|
3,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A zero balance may reflect actual amounts rounding to less than one thousand. |
11. AUCTION-RATE PREFERRED SHARES
Each series of Auction-Rate Preferred Shares (ARPS)
outstanding of each Fund has a liquidation preference of $25,000 per share plus any accumulated, unpaid dividends. Dividends are accumulated daily at an annual rate that is typically re-set every seven days through auction procedures (or through
default procedures in the event of failed auctions). Distributions of net realized capital gains, if any, are paid at least annually.
For the period ended June 30, 2016, the annualized dividend rates on the ARPS ranged from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Name |
|
|
|
|
Shares
Issued and
Outstanding |
|
|
High |
|
|
Low |
|
|
As of June 30, 2016 |
|
|
|
|
|
|
|
PIMCO Municipal Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A |
|
|
|
|
|
|
1,520 |
|
|
|
0.754% |
|
|
|
0.375% |
|
|
|
0.754% |
|
Series B |
|
|
|
|
|
|
1,520 |
|
|
|
0.754% |
|
|
|
0.375% |
|
|
|
0.754% |
|
Series C |
|
|
|
|
|
|
1,520 |
|
|
|
0.754% |
|
|
|
0.364% |
|
|
|
0.754% |
|
Series D |
|
|
|
|
|
|
1,520 |
|
|
|
0.754% |
|
|
|
0.364% |
|
|
|
0.754% |
|
Series E |
|
|
|
|
|
|
1,520 |
|
|
|
0.738% |
|
|
|
0.353% |
|
|
|
0.738% |
|
|
|
|
|
|
|
PIMCO Municipal Income Fund II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A |
|
|
|
|
|
|
2,936 |
|
|
|
0.754% |
|
|
|
0.375% |
|
|
|
0.754% |
|
Series B |
|
|
|
|
|
|
2,936 |
|
|
|
0.754% |
|
|
|
0.375% |
|
|
|
0.754% |
|
Series C |
|
|
|
|
|
|
2,936 |
|
|
|
0.754% |
|
|
|
0.364% |
|
|
|
0.754% |
|
Series D |
|
|
|
|
|
|
2,936 |
|
|
|
0.754% |
|
|
|
0.364% |
|
|
|
0.754% |
|
Series E |
|
|
|
|
|
|
2,936 |
|
|
|
0.738% |
|
|
|
0.353% |
|
|
|
0.738% |
|
|
|
|
|
|
|
PIMCO Municipal Income Fund III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A |
|
|
|
|
|
|
1,512 |
|
|
|
0.754% |
|
|
|
0.375% |
|
|
|
0.754% |
|
Series B |
|
|
|
|
|
|
1,512 |
|
|
|
0.754% |
|
|
|
0.375% |
|
|
|
0.754% |
|
Series C |
|
|
|
|
|
|
1,512 |
|
|
|
0.754% |
|
|
|
0.364% |
|
|
|
0.754% |
|
Series D |
|
|
|
|
|
|
1,512 |
|
|
|
0.754% |
|
|
|
0.364% |
|
|
|
0.754% |
|
Series E |
|
|
|
|
|
|
1,512 |
|
|
|
0.738% |
|
|
|
0.353% |
|
|
|
0.738% |
|
|
|
|
|
|
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A |
|
|
|
|
|
|
2,000 |
|
|
|
0.754% |
|
|
|
0.375% |
|
|
|
0.754% |
|
Series B |
|
|
|
|
|
|
2,000 |
|
|
|
0.754% |
|
|
|
0.364% |
|
|
|
0.754% |
|
Series C |
|
|
|
|
|
|
2,000 |
|
|
|
0.738% |
|
|
|
0.353% |
|
|
|
0.738% |
|
|
|
|
|
|
|
|
|
|
64 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
|
|
June 30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Name |
|
|
|
|
Shares
Issued and
Outstanding |
|
|
High |
|
|
Low |
|
|
As of June 30, 2016 |
|
|
|
|
|
|
|
PIMCO California Municipal Income Fund II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A |
|
|
|
|
|
|
1,304 |
|
|
|
0.754% |
|
|
|
0.375% |
|
|
|
0.754% |
|
Series B |
|
|
|
|
|
|
1,304 |
|
|
|
0.754% |
|
|
|
0.375% |
|
|
|
0.754% |
|
Series C |
|
|
|
|
|
|
1,304 |
|
|
|
0.754% |
|
|
|
0.364% |
|
|
|
0.754% |
|
Series D |
|
|
|
|
|
|
1,304 |
|
|
|
0.754% |
|
|
|
0.364% |
|
|
|
0.754% |
|
Series E |
|
|
|
|
|
|
1,304 |
|
|
|
0.738% |
|
|
|
0.353% |
|
|
|
0.738% |
|
|
|
|
|
|
|
PIMCO California Municipal Income Fund III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A |
|
|
|
|
|
|
2,500 |
|
|
|
0.754% |
|
|
|
0.375% |
|
|
|
0.754% |
|
Series B |
|
|
|
|
|
|
2,500 |
|
|
|
0.754% |
|
|
|
0.364% |
|
|
|
0.754% |
|
|
|
|
|
|
|
PIMCO New York Municipal Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A |
|
|
|
|
|
|
1,880 |
|
|
|
0.754% |
|
|
|
0.375% |
|
|
|
0.754% |
|
|
|
|
|
|
|
PIMCO New York Municipal Income Fund II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A |
|
|
|
|
|
|
1,580 |
|
|
|
0.754% |
|
|
|
0.364% |
|
|
|
0.754% |
|
Series B |
|
|
|
|
|
|
1,580 |
|
|
|
0.738% |
|
|
|
0.353% |
|
|
|
0.738% |
|
|
|
|
|
|
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A |
|
|
|
|
|
|
1,280 |
|
|
|
0.754% |
|
|
|
0.375% |
|
|
|
0.754% |
|
Each Fund is subject to certain limitations and restrictions while ARPS are outstanding.
Failure to comply with these limitations and restrictions could preclude a Fund from declaring or paying any dividends or distributions to common shareholders or repurchasing common shares and/or could trigger the mandatory redemption of ARPS at
their liquidation preference plus any accumulated, unpaid dividends.
Preferred shareholders of each Fund, who are entitled to one vote per share, generally vote together with the common shareholders of the Fund but vote separately as a class to elect two
Trustees of the Fund and on certain matters adversely affecting the rights of the ARPS.
Since mid-February 2008, holders of ARPS issued by the Funds have been directly impacted by a lack of liquidity, which has similarly affected ARPS holders in many of the nations
closed-end funds. Since then, regularly scheduled auctions for ARPS issued by the Funds have consistently failed because of insufficient demand (bids to buy shares) to meet the supply (shares offered for sale) at each auction. In a
failed auction, ARPS holders cannot sell all, and may not be able to sell any, of their shares tendered for sale. While repeated auction failures have affected the liquidity for ARPS, they do not constitute a default or automatically alter the
credit quality of the ARPS, and ARPS holders have continued to receive dividends at the defined maximum rate, as defined for the Funds in the table below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Applicable % |
|
|
|
|
Reference Rate |
|
|
|
|
Maximum Rate |
|
|
|
|
|
|
|
The higher of 30-day
AA Composite Commercial Paper Rates |
|
|
|
|
|
|
|
|
110%* |
|
|
x |
|
|
Or |
|
|
= |
|
|
|
Maximum Rate for the Funds |
|
|
|
|
|
|
|
The Taxable Equivalent of the Short-Term Municipal Obligation Rate.
** |
|
|
|
|
|
|
|
|
* |
150% if all or part of the dividend consists of taxable income or capital gain. |
** |
Taxable Equivalent of the Short-Term Municipal Obligations Rate means 90% of the quotient of (A) the per annum rate expressed on an interest
equivalent basis
|
|
equal to the S&P Municipal Bond 7-day High Grade Rate Index divided by (B) 1.00 minus the Marginal Tax Rate (defined as the maximum marginal regular Federal individual income tax rate
applicable to an individuals or a corporations ordinary income, whichever is greater). |
The maximum rate is a function of short-term interest rates and is typically higher than the rate that would have otherwise been set through a successful auction. If the Funds ARPS
auctions continue to fail and the maximum rate payable on the ARPS rises as a result of changes in short-term interest rates, returns for each Funds common shareholders could be adversely affected.
12. REGULATORY AND LITIGATION MATTERS
The Funds are not named as defendants in any material
litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.
PIMCO has received a Wells Notice from the staff of the SEC that relates to the PIMCO Total Return Active Exchange-Traded Fund
(BOND), a series of PIMCO ETF Trust. The notice indicates the staffs preliminary determination to recommend that the SEC commence a civil action against PIMCO stemming from a non-public investigation relating to BOND. A Wells
Notice is neither a formal allegation of wrongdoing nor a finding that any law was violated.
This matter principally pertains to the valuation of smaller sized positions in non-agency mortgage-backed securities purchased by BOND between its inception on February 29, 2012 and June 30,
2012, BONDs performance disclosures for that period, and PIMCOs compliance policies and procedures related to these matters.
The Wells process provides PIMCO with the opportunity to demonstrate to the SEC staff why it believes its conduct was appropriate, in keeping
with industry standards, and that no action should be taken. PIMCO believes that this matter is unlikely to have a material adverse effect on any Fund or on PIMCOs ability to provide investment management services to any Fund.
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
65 |
Notes to Financial Statements (Cont.)
The foregoing speaks only as of the date of this report.
13. FEDERAL INCOME TAX MATTERS
Each Fund intends to qualify as a regulated investment company
under Subchapter M of the Internal Revenue Code (the Code) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.
The Funds may be subject to local withholding taxes, including
those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.
In accordance with U.S. GAAP, the Manager has reviewed the Funds tax positions for all
open tax years. As of June 30, 2016, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.
Each Fund files U.S. tax returns. While the statute of
limitations remains open to examine the Funds U.S. tax returns filed for the fiscal years from 2013-2015, no examinations are in progress or anticipated at this time. No Fund is aware of any tax positions for which it is reasonably possible
that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
As of December
31, 2015, the Funds had accumulated capital losses expiring in the following years (amounts in thousands). The Funds will resume capital gain distributions in the future to the extent gains are realized in excess of accumulated capital losses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiration of Accumulated Capital Losses |
|
|
|
|
|
|
12/31/2016 |
|
|
12/31/2017 |
|
|
12/31/2018 |
|
|
12/31/2019 |
|
PIMCO Municipal Income Fund |
|
|
|
|
|
$ |
891 |
|
|
$ |
49,232 |
|
|
$ |
|
|
|
$ |
|
|
PIMCO Municipal Income Fund II |
|
|
|
|
|
|
7,955 |
|
|
|
164,802 |
|
|
|
|
|
|
|
|
|
PIMCO Municipal Income Fund III |
|
|
|
|
|
|
11,389 |
|
|
|
116,860 |
|
|
|
695 |
|
|
|
|
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
|
|
|
|
|
23,867 |
|
|
|
|
|
|
|
|
|
PIMCO California Municipal Income Fund II |
|
|
|
|
|
|
18,401 |
|
|
|
157,995 |
|
|
|
|
|
|
|
|
|
PIMCO California Municipal Income Fund III |
|
|
|
|
|
|
9,243 |
|
|
|
89,815 |
|
|
|
|
|
|
|
|
|
PIMCO New York Municipal Income Fund |
|
|
|
|
|
|
3,099 |
|
|
|
16,947 |
|
|
|
|
|
|
|
|
|
PIMCO New York Municipal Income Fund II |
|
|
|
|
|
|
2,962 |
|
|
|
34,379 |
|
|
|
|
|
|
|
|
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
|
3,264 |
|
|
|
26,936 |
|
|
|
|
|
|
|
|
|
Under the Regulated Investment
Company Modernization Act of 2010, a Fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital
losses rather than being considered all short-term under previous law.
As of December 31, 2015, the Funds had the following post-effective capital losses with no expiration (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term |
|
|
Long-Term |
|
PIMCO Municipal Income Fund |
|
|
|
|
|
$ |
4,689 |
|
|
$ |
221 |
|
PIMCO Municipal Income Fund II |
|
|
|
|
|
|
12,226 |
|
|
|
|
|
PIMCO Municipal Income Fund III |
|
|
|
|
|
|
7,978 |
|
|
|
2,198 |
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
|
9,743 |
|
|
|
|
|
PIMCO California Municipal Income Fund II |
|
|
|
|
|
|
68 |
|
|
|
|
|
PIMCO California Municipal Income Fund III |
|
|
|
|
|
|
6,921 |
|
|
|
107 |
|
PIMCO New York Municipal Income Fund |
|
|
|
|
|
|
269 |
|
|
|
|
|
PIMCO New York Municipal Income Fund II |
|
|
|
|
|
|
4,336 |
|
|
|
615 |
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
|
350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
|
|
June 30, 2016 (Unaudited)
As of June 30, 2016, the aggregate cost and the net unrealized
appreciation (depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Name |
|
|
|
|
Federal Tax Cost |
|
|
Aggregate Gross Unrealized Appreciation |
|
|
Aggregate Gross Unrealized (Depreciation) |
|
|
Net Unrealized Appreciation (Depreciation) (1) |
|
PIMCO Municipal Income Fund |
|
|
|
|
|
$ |
475,513 |
|
|
$ |
82,588 |
|
|
$ |
(4,222 |
) |
|
$ |
78,366 |
|
PIMCO Municipal Income Fund II |
|
|
|
|
|
|
1,029,446 |
|
|
|
156,076 |
|
|
|
(2,219 |
) |
|
|
153,857 |
|
PIMCO Municipal Income Fund III |
|
|
|
|
|
|
507,199 |
|
|
|
91,478 |
|
|
|
(2,258 |
) |
|
|
89,220 |
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
|
398,081 |
|
|
|
61,156 |
|
|
|
(67 |
) |
|
|
61,089 |
|
PIMCO California Municipal Income Fund II |
|
|
|
|
|
|
412,508 |
|
|
|
75,882 |
|
|
|
(87 |
) |
|
|
75,795 |
|
PIMCO California Municipal Income Fund III |
|
|
|
|
|
|
337,301 |
|
|
|
49,676 |
|
|
|
(59 |
) |
|
|
49,617 |
|
PIMCO New York Municipal Income Fund |
|
|
|
|
|
|
134,593 |
|
|
|
19,245 |
|
|
|
(417 |
) |
|
|
18,828 |
|
PIMCO New York Municipal Income Fund II |
|
|
|
|
|
|
192,223 |
|
|
|
27,382 |
|
|
|
(578 |
) |
|
|
26,804 |
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
|
82,333 |
|
|
|
10,908 |
|
|
|
(141 |
) |
|
|
10,767 |
|
(1) |
Primary differences, if any, between book and tax net unrealized appreciation (depreciation) are attributable to wash sale loss deferrals.
|
14. SUBSEQUENT EVENTS
In preparing these financial statements, the Funds
management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
On July 1, 2016 the following distributions were declared to common shareholders payable August 1, 2016 to shareholders of record on July 11,
2016:
|
|
|
|
|
|
|
|
|
PIMCO Municipal Income Fund |
|
|
|
|
|
$ |
0.08125 per common share |
|
PIMCO Municipal Income Fund II |
|
|
|
|
|
$ |
0.06500 per common share |
|
PIMCO Municipal Income Fund III |
|
|
|
|
|
$ |
0.06230 per common share |
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
$ |
0.07700 per common share |
|
PIMCO California Municipal Income Fund II |
|
|
|
|
|
$ |
0.04730 per common share |
|
PIMCO California Municipal Income Fund III |
|
|
|
|
|
$ |
0.06000 per common share |
|
PIMCO New York Municipal Income Fund |
|
|
|
|
|
$ |
0.05700 per common share |
|
PIMCO New York Municipal Income Fund II |
|
|
|
|
|
$ |
0.06625 per common share |
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
$ |
0.05250 per common share |
|
On August 1, 2016, the following
distributions were declared to common shareholders payable September 1, 2016, to shareholders of record on August 11, 2016:
|
|
|
|
|
|
|
|
|
PIMCO Municipal Income Fund |
|
|
|
|
|
$ |
0.08125 per common share |
|
PIMCO Municipal Income Fund II |
|
|
|
|
|
$ |
0.06500 per common share |
|
PIMCO Municipal Income Fund III |
|
|
|
|
|
$ |
0.06230 per common share |
|
PIMCO California Municipal Income Fund |
|
|
|
|
|
$ |
0.07700 per common share |
|
PIMCO California Municipal Income Fund II |
|
|
|
|
|
$ |
0.04730 per common share |
|
PIMCO California Municipal Income Fund III |
|
|
|
|
|
$ |
0.06000 per common share |
|
PIMCO New York Municipal Income Fund |
|
|
|
|
|
$ |
0.05700 per common share |
|
PIMCO New York Municipal Income Fund II |
|
|
|
|
|
$ |
0.66250 per common share |
|
PIMCO New York Municipal Income Fund III |
|
|
|
|
|
$ |
0.05250 per common share |
|
There were no other subsequent
events identified that require recognition or disclosure.
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
67 |
Glossary: (abbreviations that may
be used in the preceding statements)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty Abbreviations: |
|
|
|
|
|
|
|
|
DEU |
|
Deutsche Bank Securities, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency Abbreviations: |
|
|
|
|
|
|
|
|
USD (or $) |
|
United States Dollar |
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bond or Agency Abbreviations: |
|
|
|
|
|
|
|
|
ACA |
|
American Capital Access Holding Ltd. |
|
AMBAC |
|
American Municipal Bond Assurance Corp. |
|
FHA |
|
Federal Housing Administration |
AGC |
|
Assured Guaranty Corp. |
|
BAM |
|
Build America Mutual Assurance Co. |
|
IBC |
|
Insured Bond Certificate |
AGM |
|
Assured Guaranty Municipal |
|
FGIC |
|
Financial Guaranty Insurance Co. |
|
NPFGC |
|
National Public Finance Guarantee Corp. |
|
|
|
|
|
|
|
|
|
68 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
|
|
Changes to Portfolio Managers
(Unaudited)
Effective June 1, 2016, Joseph Deane, co-portfolio manager of
each Fund, retired. David Hammer continues to act as portfolio manager of each Fund.
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
69 |
Approval of Investment Management Agreement
At an in-person meeting held on June 7, 2016 (the Approval Meeting), the
Board of Trustees or Directors (for purposes of this disclosure, all Board members are hereinafter referred to as Trustees) of the Funds (the Board), including the Trustees who are not interested persons (as that term is
defined in the Act) of the Funds or PIMCO (the Independent Trustees), formally considered and unanimously approved the continuation of the Investment Management Agreement between each Fund and PIMCO (the Agreement) for an
additional one-year period commencing on September 5, 2016. Prior to the Approval Meeting, the Contracts Review Committee of the Board of each Fund (together, the Committee) held an in-person meeting on June 7, 2016 (the
Committee Meeting) and formally considered and recommended to the Board the continuation of the Agreement for each Fund. Prior to the Approval Meeting, on May 4, 2016, the Chair of the Committee participated in a conference call
with members of management and PIMCO personnel and counsel to the Independent Trustees (Independent Counsel) to discuss the process for the Boards review of the Agreement and to consider certain information relating to the Funds,
including, among other information, information relating to PIMCOs profitability with respect to the Agreement, comparative fees and expenses and Fund performance. On April 29, 2016, PIMCO provided materials to the Committee for its
consideration of the Agreement in response to a request from Independent Counsel (the Manager Request Letter), as well as other materials and information PIMCO believed was useful in evaluating the continuation of the Agreement.
On May 23, 2016, the Committee held a meeting
via conference call (collectively with the May 4, 2016 conference call, Committee Meeting and the Approval Meeting, the Contract Renewal Meetings), at which the members of the Committee, all of whom are Independent Trustees,
considered the materials and information provided by PIMCO bearing on the continuation of the Agreement. The Committee also received and reviewed a memorandum from counsel to the Funds regarding the Trustees responsibilities in evaluating the
Agreement, which they discussed with Independent Counsel.
At the Committee Meeting and Approval Meeting, PIMCO presented certain additional supplemental information to the Independent Trustees regarding the Funds. Following the presentation at the
Committee Meeting, the Independent Trustees met separately in executive session with Independent Counsel to review and discuss all relevant information, including, but not limited to, information provided in response to the Manager Request Letter
and information presented and discussed at the prior Contract Renewal Meetings.
In connection with their deliberations regarding the proposed continuation of the Agreement for each Fund, the Trustees, including the Independent Trustees, considered such information and
factors as
they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The Trustees also considered the nature, quality and extent of the various
investment management, administrative and other services performed by PIMCO under the Agreement.
It was noted that, in connection with their Contract Renewal Meetings, the Trustees relied upon materials provided by PIMCO which included, among other items: (i) information provided by
Broadridge Financial Solutions, Inc./Lipper Inc. (Lipper), an independent third party, on the total return investment performance (based on net asset value and common share market price) of the Funds for various time periods, the
investment performance of a group of funds with investment classifications/objectives comparable to those of the Funds identified by Lipper (the Lipper performance universe) and, with respect to each Fund, the performance of an
applicable benchmark index, if any, (ii) information provided by Lipper on each Funds management fees and other expenses under the Agreement and the management fees and other expenses of a smaller sample of comparable funds identified by
Lipper (the Lipper expense group) as well as of a larger sample of comparable funds identified by Lipper (the Lipper expense universe), (iii) information regarding the market value performance of each Funds common
shares and related share price premium and/or discount information, (iv) information regarding the investment performance and fees for other funds and accounts managed by PIMCO with similar investment strategies to those of the Funds,
(v) the estimated profitability to PIMCO with respect to the Funds for the one-year period ended December 31, 2015, (vi) descriptions of various functions performed by PIMCO for the Funds, such as portfolio management, compliance
monitoring and portfolio trading practices, (vii) information regarding PIMCOs compliance policies applicable to the Funds, (viii) information regarding the Funds use of leverage, (ix) a comparison of each Funds
annualized total expense ratio as a percentage of average net assets attributable to common shareholders (excluding interest expenses) under the unified fee arrangements (the Unified Fee Arrangements) for the three most recent fiscal
periods, as disclosed in each Funds annual report, (x) summaries assigning a quadrant placement to each Fund based on an average of certain measures of performance and fees/expenses versus Lipper peer group medians (the Fund Scoring
Summaries), (xi) fact cards for each Fund that included summary information regarding each Fund, (xiii) information regarding the yields of the Funds, (xiv) information regarding the risk-adjusted returns of the Funds, and
(xv) information regarding the overall organization of PIMCO, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative, compliance and other services to the Funds.
|
|
|
|
|
|
|
|
|
70 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
|
|
(Unaudited)
The
Trustees conclusions as to the continuation of the Agreement were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in
the Trustees deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors. The Trustees also took into account that
the Funds current fee and expense arrangements were closely reviewed in 2014 in connection with the proposed transition from Allianz Global Investors Fund Management LLC (AGIFM) to PIMCO as the Funds investment manager, and
that the Agreement had been approved by the shareholders of each Fund at special shareholder meetings in 2014.
As part of their review, the Trustees examined PIMCOs abilities to provide high-quality investment management and other services to the Funds. Among other information, the Trustees
considered the investment philosophy and research and decision-making processes of PIMCO; the experience of key advisory personnel of PIMCO responsible for portfolio management of the Funds; the ability of PIMCO to attract and retain capable
personnel; and the capabilities of the senior management and staff of PIMCO. In addition, the Trustees reviewed the quality of PIMCOs services with respect to regulatory compliance and compliance with the investment policies of the Funds; the
nature and quality of the supervisory and administrative services PIMCO is responsible for providing to the Funds; and conditions that might affect PIMCOs ability to provide high-quality services to the Funds in the future under the Agreement,
including PIMCOs financial condition and operational stability. Based on the foregoing, the Trustees concluded that PIMCOs investment process, research capabilities and philosophy were well suited to the Funds given their investment
objectives and policies, and that PIMCO would be able to continue to meet any reasonably foreseeable obligations under the Agreement.
In assessing the reasonableness of each Funds fees under the Agreement, the Trustees considered, among other information, the
Funds management fee and its total expense ratio as a percentage of average net assets attributable to common shares and as a percentage of average managed assets (including assets attributable to common shares and leverage outstanding
combined), and the management fee and total expense ratios of the Lipper expense group and Lipper expense universe for each Fund. In each case, the total expense ratio information was provided both inclusive and exclusive of interest and borrowing
expenses. Fund-specific comparative fees/expenses reviewed by the Trustees are discussed below. The Fund-specific fee and expense results discussed below were prepared and provided by Lipper and were not independently verified by the Trustees.
The Trustees specifically took note of how each Fund compared to its Lipper peers as to
performance, management fee expense and total expense ratio. The Trustees noted that, while the Funds are not currently charged a separate administration fee (recognizing that their management fees include a component for administrative services
under the Unified Fee Arrangements), it was not clear in all cases whether the peer funds in the Lipper categories were separately charged such a fee by their investment managers, so that the total expense ratio, as opposed to any individual expense
component, represented the most relevant comparison. The Trustees also considered that the total expense ratio seems to provide a more apt comparison than management fee expense because the Funds Unified Fee Arrangements cover Operating
Expenses (defined below) that are typically paid for or incurred by peer funds directly in addition to their management fees as discussed below. It was noted that the total expense ratio comparisons reflect the effect of expense
waivers/reimbursements, if any. The Trustees considered total expense ratio comparisons both including and excluding interest and borrowing expenses. The Trustees noted that only leveraged closed-end funds were considered for inclusion in the Lipper
expense groups and Lipper expense universes presented for comparison with the Funds.
The Trustees noted that, for each Fund, the contractual management fee rate for the Fund under its Unified Fee Arrangement was above the median contractual management fees of the other funds
in its Lipper expense group, calculated both on average net assets and on average managed assets. However, in this regard, the Trustees took into account that each Funds Unified Fee Arrangement covers substantially all of the Funds other
supervisory and administrative services required by the Fund that are typically paid for or incurred by closed-end funds directly in addition to a funds management fee (such fees and expenses, Operating Expenses) and therefore
would tend to be higher than the contractual management fee rates of other funds in the Lipper peer groups, which generally do not have a unified fee structure and bear Operating Expenses directly and in addition to the management fee. The Trustees
determined that a review of each Funds total expense ratio with the total expense ratios of peer funds would generally provide more meaningful comparisons than considering contractual management fee rates in isolation.
In this regard, the Trustees noted PIMCOs view that the
Unified Fee Arrangements have benefited and will continue to benefit common shareholders because they provide a management fee expense structure (including Operating Expenses) that is essentially fixed as a percentage of managed assets, making it
more predictable under ordinary circumstances in comparison to fee and expense structures, such as the structure in place for the Funds prior to September 6, 2014,
|
|
|
|
|
|
|
|
|
SEMIANNUAL REPORT |
|
JUNE 30, 2016 |
|
71 |
Approval of Investment Management Agreement (Cont.)
under which the Funds Operating Expenses (including certain third-party fees and expenses) can vary significantly over time. The Trustees also
considered that the Unified Fee Arrangements generally insulate the Funds and common shareholders from increases in applicable third-party and certain other expenses because PIMCO, rather than the Funds, would bear the risk of such increases (though
the Trustees also noted that PIMCO would benefit from any reductions in such expenses).
The Trustees noted that each Funds annualized total expense ratio as a percentage of average net assets attributable to common shareholders (excluding interest expenses) under the
Unified Fee Arrangements was generally similar or lower than the annualized total expense ratio (excluding interest expenses) under the fee arrangements with AGIFM prior to September 6, 2014.
Fund-specific comparative performance results for the Funds
reviewed by the Trustees are discussed below. The comparative performance information was prepared and provided by Lipper and was not independently verified by the Trustees. Due to the passage of time, these performance results may differ from the
performance results for more recent periods. With respect to all Funds, the Trustees reviewed, among other information, comparative information showing performance of the Funds against the Lipper performance universes for the one-year, three-year,
five-year and ten-year periods (to the extent each such Fund had been in existence) ended December 31, 2015. The Trustees also reviewed the Fund Scoring Summaries prepared by PIMCO at the Independent Trustees request comparing each
Funds fees/expenses and performance against those of its Lipper performance universe and Lipper expense universe by identifying a quadrant designation based on the average of six different measures of fees/expenses versus performance
(one-year, three-year and five-year performance for the period ended December 31, 2015, in each case, versus a Funds management fees or total expense ratio). The Fund Scoring Summaries were based both on net assets and averaged managed
assets and in each case both inclusive and exclusive of interest and borrowing expenses. In addition, the Trustees also reviewed fact cards for each Fund that included summary information regarding each Fund, including investment objective and
strategy, portfolio managers, assets under management, outstanding leverage, net asset value and market performance comparisons, comparative fee and expense information, premium/discount information and information regarding PIMCOs estimated
profitability.
In addition, it was noted that the
Trustees considered matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting.
Among other information, the Trustees took into account the following regarding particular
Funds.
PMF
With respect to the Funds common share total return
performance (based on net asset value) relative to its respective Lipper performance universe, consisting of 75 funds for one-year performance, 73 funds for three-year performance, 70 funds for five-year performance and 67 funds for ten-year
performance, the Trustees noted that the Fund had first quintile performance for the one-year, three-year, five-year and ten-year periods ended December 31, 2015.
The Trustees noted that the Lipper expense group for the Fund
consisted of a total of 13 funds, including the Fund. The Trustees also noted that the average net assets of the common shares of the funds in the group ranged from $122.5 million to $554.8 million, and that seven of the funds in the group were
larger in asset size than the Fund. The Trustees noted that the Lipper expense universe for the Fund consisted of a total of 75 funds, including the Fund. The Trustees noted that the Funds total expense ratio (including interest and borrowing
expenses) calculated on average managed assets and average net assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe. The Trustees noted that
the Funds total expense ratio (excluding interest and borrowing expenses) calculated on average managed assets was at the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Lipper expense group. The
Trustees noted that the Funds total expense ratio (excluding interest and borrowing expenses) calculated on average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Lipper
expense group and Lipper expense universe. The Trustees noted that the Funds total expense ratio (excluding interest and borrowing expenses) calculated on average managed assets was above the median total expense ratio (excluding interest and
borrowing expenses) of the funds in its Lipper expense universe.
PML
With respect to the Funds common share total return performance (based on net asset value) relative to its respective Lipper performance universe, consisting of 75 funds for one-year
performance, 73 funds for three-year performance, 70 funds for five-year performance and 67 funds for ten-year performance, the Trustees noted that the Fund had first quintile performance for the one-year, three-year and five-year periods and fifth
quintile performance for the ten-year period ended December 31, 2015.
|
|
|
|
|
|
|
|
|
72 |
|
PIMCO CLOSED-END FUNDS |
|
|
|
|
|
|
(Unaudited)
The Trustees
noted that the Lipper expense group for the Fund consisted of a total of 11 funds, including the Fund. The Trustees also noted that the average net assets of the common shares of the funds in the group ranged from $307.6 million to $606.1 million,
and that six of the funds in the group were larger in asset size than the Fund. The Trustees noted that the Lipper expense universe for the Fund consisted of a total of 75 funds, including the Fund. The Trustees noted that the Funds total
expense ratio (including interest and borrowing expenses) calculated on both average managed assets and average net assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Lipper expense group
and Lipper expense universe. The Trustees noted that the Funds total expense ratio (excluding interest and borrowing expenses) calculated on both average managed assets and average net assets was above the median total expense ratio (excluding
interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe.
PMX
With respect to the Funds common share total return performance (based on net asset value) relative to its respective Lipper
performance universe, consisting of 75 funds for one-year performance, 73 funds for three-year performance, 70 funds for five-year performance and 67 funds for ten-year performance, the Trustees noted that the Fund had first quintile performance for
the one-year, three-year and five-year periods and fifth quintile performance for the ten-year period ended December 31, 2015.
The Trustees noted that the Lipper expense group for the Fund consisted of a total of 12 funds, including the Fund. The Trustees also noted
that the average net assets of the common shares of the funds in the group ranged from $140.4 million to $606.1 million, and that nine of the funds in the group were larger in asset size than the Fund. The Trustees noted that the Lipper expense
universe for the Fund consisted of a total of 75 funds, including the Fund. The Trustees noted that the Funds total expense ratio (including interest and borrowing expenses) calculated on both average managed assets and average net assets was
below the median total expense ratio (including interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe. The Trustees noted that the Funds total expense ratio (excluding interest and borrowing
expenses) calculated on both average managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe.
PCQ
With respect to the Funds common share total return performance (based on net asset value) relative to its respective Lipper
performance universe, consisting of 19 funds for one-year, three-year and five-year performance and 18 funds for ten-year performance, the Trustees noted that the Fund had first quintile performance for the one-year, three-year, five-year and
ten-year periods ended December 31, 2015.
The
Trustees noted that the Lipper expense group for the Fund consisted of a total of six funds, including the Fund. The Trustees also noted that the average net assets of the common shares of the funds in the group ranged from $101.6 million to $645.8
million, and that three of the funds in the group were larger in asset size than the Fund. The Trustees noted that the Lipper expense universe for the Fund consisted of a total of 19 funds, including the Fund. The Trustees noted that the Funds
total expense ratio (including interest and borrowing expenses) calculated on both average managed assets and average net assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Lipper expense
group and Lipper expense universe. The Trustees noted that the Funds total expense ratio (excluding interest and borrowing expenses) calculated on both average managed assets and average net assets was above the median total expense ratio
(excluding interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe.
PCK
With respect to the Funds common share total return performance (based on net asset value) relative to its respective Lipper performance universe, consisting of 19 funds for one-year,
three-year and five-year performance and 18 funds for ten-year performance, the Trustees noted that the Fund had first quintile performance for the one-year, three-year and five-year periods and fifth quintile performance for the ten-year period
ended December 31, 2015.
The Trustees noted
that the Lipper expense group for the Fund consisted of a total of six funds, including the Fund. The Trustees also noted that the average net assets of the common shares of the funds in the group ranged from $101.6 million to $645.8 million, and
that three of the funds in the group were larger in asset size than the Fund. The Trustees noted that the Lipper expense universe for the Fund consisted of a total of 19 funds, including the Fund. The Trustees noted that the Funds total
expense ratio (including interest and borrowing expenses) calculated on both average managed assets and average net assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Lipper expense group
and Lipper expense universe. The Trustees noted that the Funds total
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SEMIANNUAL REPORT |
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JUNE 30, 2016 |
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73 |
Approval of Investment Management Agreement (Cont.)
expense ratio (excluding interest and borrowing expenses) calculated on both average managed assets and average net assets was above the median total expense ratio (excluding interest and
borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe.
PZC
With respect to the Funds common share total return performance (based on net asset value) relative to its respective Lipper
performance universe, consisting of 19 funds for one-year, three-year and five-year performance and 18 funds for ten-year performance, the Trustees noted that the Fund had first quintile performance for the one-year, three-year and five-year periods
and fifth quintile performance for the ten-year period ended December 31, 2015.
The Trustees noted that the Lipper expense group for the Fund consisted of a total of six funds, including the Fund. The Trustees also noted that the average net assets of the common shares
of the funds in the group ranged from $101.6 million to $645.8 million, and that three of the funds in the group were larger in asset size than the Fund. The Trustees noted that the Lipper expense universe for the Fund consisted of a total of 19
funds, including the Fund. The Trustees noted that the Funds total expense ratio (including interest and borrowing expenses) calculated on both average managed assets and average net assets was below the median total expense ratio (including
interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe. The Trustees noted that the Funds total expense ratio (excluding interest and borrowing expenses) calculated on average managed assets was
below the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe. The Trustees noted that the Funds total expense ratio (excluding interest and borrowing
expenses) calculated on average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe.
PNF
With respect to the Funds common share total return
performance (based on net asset value) relative to its respective Lipper performance universe, consisting of 17 funds for one-year, three-year, five-year and ten-year performance, the Trustees noted that the Fund had first quintile performance for
the one-year, three-year and five-year periods and fourth quintile performance for the ten-year period ended December 31, 2015.
The Trustees noted that the Lipper expense group for the Fund consisted of a total of five funds, including the Fund. The Trustees also noted
that the average net assets of the common shares of the funds in
the group ranged from $56.4 million to $290.4 million, and that three of the funds in the group were larger in asset size than the Fund. The Trustees noted that the Lipper expense universe for
the Fund consisted of a total of 17 funds, including the Fund. The Trustees noted that the Funds total expense ratio (including interest and borrowing expenses) calculated on average managed assets was at the median total expense ratio
(including interest and borrowing expenses) of the funds in its Lipper expense group. The Trustees noted that the Funds total expense ratio (including interest and borrowing expenses) calculated on average net assets was below the median total
expense ratio (including interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe. The Trustees noted that the Funds total expense ratio (excluding interest and borrowing expenses) calculated on
both average managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe. The Trustees noted that the Funds
total expense ratio (including interest and borrowing expenses) calculated on average managed assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Lipper expense universe.
PNI
With respect to the Funds common share total return
performance (based on net asset value) relative to its respective Lipper performance universe, consisting of 17 funds for one-year, three-year, five-year and ten-year performance, the Trustees noted that the Fund had first quintile performance for
the one-year, three-year and five-year periods and fifth quintile performance for the ten-year period ended December 31, 2015.
The Trustees noted that the Lipper expense group for the Fund consisted of a total of five funds, including the Fund. The Trustees also noted
that the average net assets of the common shares of the funds in the group ranged from $56.4 million to $290.4 million, and that three of the funds in the group were larger in asset size than the Fund. The Trustees noted that the Lipper expense
universe for the Fund consisted of a total of 17 funds, including the Fund. The Trustees noted that the Funds total expense ratio (including interest and borrowing expenses) calculated on both average managed assets and average net assets was
below the median total expense ratio (including interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe. The Trustees noted that the Funds total expense ratio (excluding interest and borrowing
expenses) calculated on both average managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe.
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74 |
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PIMCO CLOSED-END FUNDS |
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(Unaudited)
PYN
With respect to the Funds common share total return
performance (based on net asset value) relative to its respective Lipper performance universe, consisting of 17 funds for one-year, three-year, five-year and ten-year performance, the Trustees noted that the Fund had first quintile performance for
the one-year, three-year and five-year periods and fifth quintile performance for the ten-year period ended December 31, 2015.
The Trustees noted that the Lipper expense group for the Fund consisted of a total of five funds, including the Fund. The Trustees also noted
that the average net assets of the common shares of the funds in the group ranged from $53.7 million to $290.4 million. The Trustees noted that the Lipper expense universe for the Fund consisted of a total of 17 funds, including the Fund. The
Trustees noted that the Funds total expense ratio (including interest and borrowing expenses) calculated on both average managed assets and average net assets was at the median total expense ratio (including interest and borrowing expenses) of
the funds in its Lipper expense group. The Trustees noted that the Funds total expense ratio (excluding interest and borrowing expenses) calculated on both average managed assets and average net assets was above the median total expense ratio
(excluding interest and borrowing expenses) of the funds in its Lipper expense group and Lipper expense universe. The Trustees noted that the Funds total expense ratio (including interest and borrowing expenses) calculated on both average
managed assets and average net assets was above the median total expense ratio (including interest and borrowing expenses) of the funds in its Lipper expense universe.
In addition to their review of Fund performance based on net
asset value, the Trustees also considered the market value performance of each Funds common shares and related share price premium and/or discount information based on the materials provided by Lipper and PIMCO.
The Trustees also considered the management fees charged by
PIMCO to other funds and accounts with similar strategies to those of the Funds, including any similar open-end funds. The Trustees noted that the management fees paid by the Funds are generally higher than the fees paid by any open-end funds
offered for comparison, but were advised by PIMCO that there are additional portfolio management challenges in managing closed-end funds such as the Funds, such as those associated with less liquid holdings, the use of leverage, issues relating to
trading on a national exchange and attempting to meet a regular dividend.
The Trustees also took into account that the Funds have Preferred Shares outstanding, which increases the amount of management fees
payable by the Funds under the Agreement (because each Funds fees are calculated on net assets including assets attributable to preferred shares outstanding). In this regard, the Trustees
took into account that PIMCO has a financial incentive for the Funds to continue to use leverage, which may create a conflict of interest between PIMCO, on one hand, and the Funds common shareholders, on the other. The Trustees further noted
that this incentive may be greater under the Unified Fee Arrangements because the contractual management fee rates under the Unified Fee Agreements are higher for each Fund than the Funds management fee would otherwise be if it did not cover
the Funds Operating Expenses i.e., in comparison to their non-unified management fee rates in place prior to September 6, 2014. Therefore, the total fees paid by each Fund to PIMCO under the Unified Fee Arrangements will vary
more with increases and decreases in applicable leverage incurred by a Fund than under its prior non-unified fee arrangement, all things being equal. The Trustees considered information provided by PIMCO and related presentations as to why each
Funds use of leverage continues to be appropriate and in the best interests of the respective Fund under current market conditions. The Trustees also considered PIMCOs representation that it will use leverage for the Funds solely as it
determines to be in the best interests of the Funds from an investment perspective and without regard to the level of compensation PIMCO receives.
The Trustees also considered estimated profitability analyses provided by PIMCO, which included, among other information, (i) the
estimated profitability to PIMCO with respect to each Fund for the one-year period ended December 31, 2015, (ii) information comparing the estimated profitability to PIMCO with respect to all of the closed-end funds advised by PIMCO,
including the Funds, for the one-year period ended December 31, 2015 for serving as the Funds investment manager to the profitability to PIMCO with respect to all of the closed-end funds advised by PIMCO, including the Funds, for the
one-year period ended December 31, 2014 for serving as the sub-adviser from January 1, 2014 through the close of business on September 5, 2014, and for serving as the Funds investment manager from September 6, 2014 through
December 31, 2014; (iii) PIMCOs estimated pre- and post-distribution operating margin for each Fund, as well as PIMCOs estimated pre- and post-distribution operating margin for all of the closed-end funds advised by PIMCO,
including the Funds; and (iv) an overview of PIMCOs estimated profitability with respect to all of the closed-end funds advised by PIMCO, including the Funds, compared to PIMCOs profitability with respect to its other clients,
including PIMCO-advised separate accounts, open-end funds and hedge funds and private equity funds. The Trustees also took into account explanations from PIMCO regarding how certain corporate and shared expenses were allocated among the Funds and
other funds and accounts
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SEMIANNUAL REPORT |
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JUNE 30, 2016 |
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75 |
Approval of Investment Management Agreement (Cont.)
(Unaudited)
managed by PIMCO for purposes of developing profitability estimates. Based on the
profitability analyses provided by PIMCO, the Trustees determined, taking into account the various assumptions made, that such profitability did not appear to be excessive.
The Trustees also took into account the entrepreneurial and
business risk PIMCO has undertaken as investment manager and sponsor of the Funds.
The Trustees also took into account that the Funds do not currently have any breakpoints in their management fees and, as closed-end investment companies, the Funds did not at the time of the
review intend to raise additional assets, so the assets of the Funds were expected to grow (if at all) principally through the investment performance of each Fund and/or the increased use of leverage. The Trustees also considered that the Unified
Fee Arrangements provide inherent economies of scale because a Fund maintains competitive fixed unified fees even if the particular Funds assets decline and/or operating costs rise. The Trustees further considered that, in contrast,
breakpoints are a proxy for charging higher fees on lower asset levels and that when a funds assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Funds Unified
Fee Arrangements, funds with pass through administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the Unified Fee
Arrangements protect shareholders from a rise in operating costs that may result from, including, among other things, PIMCOs investments in various business enhancements and infrastructure. The Trustees noted that PIMCO has made extensive
investments in these areas.
Additionally, the
Trustees considered so-called fall-out benefits to PIMCO, such as reputational value derived from serving as investment manager to the Funds and research, statistical and quotation services PIMCO may receive from broker-dealers executing
the Funds portfolio transactions on an agency basis.
After reviewing these and other factors described herein, the Trustees concluded, with respect to each Fund, within the context of their overall conclusions regarding the Agreement and based
on the information provided and related representations made by management, that they were satisfied with PIMCOs responses and efforts relating to the investment performance of the Funds. The Trustees also concluded that the fees payable under
the Agreement represent reasonable compensation in light of the nature, extent and quality of services provided by PIMCO. Based on their evaluation of factors that they deemed to be material, including those factors described above, the Trustees,
including the Independent Trustees,
unanimously concluded that the continuation of the Agreement was in the interests of each Fund and its shareholders, and should be approved.
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76 |
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PIMCO CLOSED-END FUNDS |
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General Information
Investment Manager
Pacific Investment Management Company LLC
1633 Broadway
New York, NY 10019
Custodian
State Street Bank and Trust Company
801 Pennsylvania Avenue
Kansas City, MO 64105
Transfer Agent, Dividend Paying Agent and Registrar
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800
Boylston Street
Boston, MA 02199
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
1100 Walnut Street, Suite 1300
Kansas City, MO 64106
This report is submitted for the general information of the shareholders of PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II,
PIMCO Municipal Income Fund III, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, and PIMCO
New York Municipal Income Fund III.
CEF4012SAR_063016
The information required by this Item 2 is only required in an annual
report on this Form N-CSR.
Item 3. |
Audit Committee Financial Expert. |
The information required by this Item 3 is only
required in an annual report on this Form N-CSR.
Item 4. |
Principal Accountant Fees and Services. |
The information required by this Item 4 is only
required in an annual report on this Form N-CSR.
Item 5. |
Audit Committee of Listed Registrants. |
The information required by this Item 5 is only
required in an annual report on this Form N-CSR.
Item 6. |
Schedule of Investments. |
The Schedule of Investments is included as part of the reports
to shareholders under Item 1.
Item 7. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
The information required by this Item 7 is only required in an annual report on this Form N-CSR.
Item 8. |
Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
None.
Item 10. |
Submission of Matters to a Vote of Security Holders. |
There have been no material
changes to the procedures by which shareholders may recommend nominees to the Funds Board of Trustees since the Fund last provided disclosure in response to this item.
Item 11. |
Controls and Procedures. |
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(a) |
The principal executive officer and principal financial & accounting officer have concluded that the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) provide
reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
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(b) |
There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this
report that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. |
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(a)(1) |
Exhibit 99.CODECode of Ethics is not applicable for semiannual reports. |
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(a)(2) |
Exhibit 99.CERTCertifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
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(b) |
Exhibit 99.906CERTCertifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
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PIMCO New York Municipal Income Fund |
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By: |
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/s/ PETER G. STRELOW |
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Peter G. Strelow |
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President (Principal Executive Officer) |
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Date: |
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August 26, 2016 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and
on the dates indicated. |
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By: |
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/s/ PETER G. STRELOW |
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Peter G. Strelow |
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President (Principal Executive Officer) |
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Date: |
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August 26, 2016 |
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By: |
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/s/ WILLIAM G. GALIPEAU |
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William G. Galipeau |
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Treasurer (Principal Financial & Accounting Officer) |
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Date: |
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August 26, 2016 |