Consolidated Schedule of Investments PIMCO Flexible Municipal Income Fund

March 31, 2025 (Unaudited)

 

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

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 100.9% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 3.6%

 

 

 

 

Anchor Senior Living
6.020% due 10/01/2042 «(f)

$

13,273

$

14,415

City of Woodland
4.400% due 09/01/2034 «(f)

 

14,716

 

13,858

Fairbanks Square Affordable Housing
6.070% due 10/01/2030 «

 

6,007

 

6,150

Fairhaven Glen

 

 

 

 

0.000% due 11/01/2027 «µ

 

10,105

 

10,105

0.000% due 12/12/2041 «µ

 

890

 

890

0.000% - 6.628% due 01/01/2067 «µ

 

12,210

 

12,264

Falcon PK

 

 

 

 

0.000% due 11/01/2026 «µ

 

2,800

 

2,800

0.000% - 6.628% due 10/26/2063 «µ

 

13,900

 

13,899

Total Loan Participations and Assignments (Cost $74,126)

 

 

 

74,381

CORPORATE BONDS & NOTES 1.0%

 

 

 

 

BANKING & FINANCE 0.5%

 

 

 

 

Benloch Ranch Improvement Association No. 2
10.000% due 12/01/2051 «

 

10,000

 

8,026

Credit Suisse AG AT1 Claim

 

3,000

 

360

VM Fund LLC
8.625% due 02/28/2031 «

 

1,154

 

1,166

 

 

 

 

9,552

INDUSTRIALS 0.5%

 

 

 

 

Toledo Hospital

 

 

 

 

4.982% due 11/15/2045

 

4,375

 

3,407

6.015% due 11/15/2048

 

1,400

 

1,248

Toll Road Investors Partnership LP
0.000% due 02/15/2043 (d)

 

6,596

 

2,144

Wild Rivers Water Park
8.500% due 11/01/2051

 

5,300

 

3,312

 

 

 

 

10,111

Total Corporate Bonds & Notes (Cost $22,213)

 

 

 

19,663

MUNICIPAL BONDS & NOTES 88.2%

 

 

 

 

ALABAMA 2.9%

 

 

 

 

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021
4.000% due 06/01/2051

 

3,520

 

3,524

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023

 

 

 

 

5.250% due 12/01/2053

 

2,950

 

3,156

5.500% due 06/01/2049

 

3,840

 

4,050

5.500% due 10/01/2054

 

5,400

 

5,807

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024
5.000% due 10/01/2055

 

4,700

 

4,924

Central Etowah County, Alabama Solid Waste Disposal Authority Revenue Bonds, Series 2020
6.000% due 07/01/2045

 

980

 

1,016

Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023
5.750% due 04/01/2054

 

1,900

 

2,089

Lower Alabama Gas District Revenue Bonds, Series 2016
5.000% due 09/01/2046

 

1,375

 

1,462

Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024
4.750% due 12/01/2054

 

7,400

 

7,003

Montgomery Medical Clinic Board, Alabama Revenue Bonds, Series 2016

 

 

 

 

5.000% due 03/01/2028 ^(c)

 

4,350

 

2,730

5.000% due 03/01/2030 ^(c)

 

4,305

 

2,701

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023
5.000% due 01/01/2054

 

3,000

 

3,154

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024

 

 

 

 

5.000% due 11/01/2035

 

8,600

 

8,882

5.000% due 11/01/2055

 

750

 

798

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025

 

 

 

 

5.000% due 05/01/2055

 

2,650

 

2,805

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

March 31, 2025 (Unaudited)

 

5.000% due 01/01/2056

 

6,300

 

6,567

 

 

 

 

60,668

ALASKA 0.3%

 

 

 

 

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

 

5,450

 

5,683

ARIZONA 1.5%

 

 

 

 

Arizona Industrial Development Authority Revenue Bonds, Series 2021

 

 

 

 

5.500% due 07/01/2031 ^(c)

 

325

 

10

6.000% due 07/01/2051 ^(c)

 

1,500

 

45

Arizona Industrial Development Authority Revenue Bonds, Series 2025

 

 

 

 

0.000% due 01/01/2059 (e)

 

3,935

 

1,621

5.125% due 01/01/2059

 

10,228

 

8,663

Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019
4.000% due 06/01/2049

 

8,800

 

8,769

Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020
5.000% due 07/01/2049 ^(c)

 

1,500

 

1,050

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2016
3.500% due 07/01/2026

 

535

 

529

Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024
7.375% due 10/01/2029

 

3,200

 

3,304

Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025
5.000% due 01/01/2044

 

4,000

 

4,311

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

 

3,000

 

3,160

 

 

 

 

31,462

ARKANSAS 0.2%

 

 

 

 

Arkansas Development Finance Authority Revenue Bonds, Series 2020
4.750% due 09/01/2049

 

3,585

 

3,461

CALIFORNIA 9.0%

 

 

 

 

Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022

 

 

 

 

0.000% due 10/01/2047 (e)

 

4,500

 

2,594

0.000% due 10/01/2050 (e)

 

2,000

 

1,127

Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024
4.500% due 07/01/2054

 

5,500

 

5,221

California Community Choice Financing Authority Revenue Bonds, Series 2021
4.000% due 02/01/2052

 

3,905

 

3,905

California Community Choice Financing Authority Revenue Bonds, Series 2023

 

 

 

 

5.250% due 11/01/2054

 

2,000

 

2,122

5.500% due 10/01/2054

 

2,485

 

2,678

California Community Choice Financing Authority Revenue Bonds, Series 2024
5.000% due 02/01/2055

 

8,000

 

8,527

California Community Housing Agency Revenue Bonds, Series 2021
4.000% due 02/01/2056

 

7,010

 

3,612

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

 

2,500

 

1,981

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

 

5,200

 

997

California Health Facilities Financing Authority Revenue Bonds, Series 2024
5.250% due 12/01/2041

 

2,750

 

2,891

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

 

5,300

 

5,334

California Housing Finance Revenue Bonds, Series 2024

 

 

 

 

6.000% due 03/01/2053

 

12,300

 

12,338

7.000% due 03/01/2053

 

3,250

 

3,125

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021

 

 

 

 

0.000% due 01/01/2061 (d)

 

2,900

 

222

3.980% due 12/01/2050 ~

 

1,750

 

1,744

4.000% due 05/01/2051

 

3,685

 

3,391

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025
9.500% due 01/01/2065

 

9,000

 

9,000

California Municipal Finance Authority Revenue Bonds, Series 2018
5.000% due 12/31/2043

 

1,000

 

1,003

California Municipal Finance Authority Revenue Bonds, Series 2020
5.000% due 07/01/2052

 

1,000

 

903

California Municipal Finance Authority Revenue Bonds, Series 2021

 

 

 

 

3.637% due 07/01/2030

 

1,445

 

1,278

4.000% due 11/01/2036

 

3,655

 

3,404

California Municipal Finance Authority Revenue Bonds, Series 2024
6.000% due 01/01/2039

 

7,000

 

7,202

California Pollution Control Financing Authority Revenue Bonds, Series 2019
7.500% due 12/01/2039 ^(c)

 

2,451

 

0

California State General Obligation Bonds, Series 2015
3.875% due 12/01/2030

 

2,710

 

2,644

CMFA Special Finance Agency VIII, California Revenue Bonds, Series 2021
4.000% due 08/01/2047

 

2,780

 

2,353

CMFA Special Finance Agency, California Revenue Bonds, Series 2021

 

 

 

 

4.000% due 08/01/2045

 

5,455

 

4,673

4.000% due 12/01/2045

 

3,500

 

2,797

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

March 31, 2025 (Unaudited)

 

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021

 

 

 

 

3.400% due 10/01/2046

 

790

 

622

4.000% due 02/01/2057

 

5,500

 

4,085

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022

 

 

 

 

0.000% due 09/01/2062 (e)

 

11,000

 

7,077

4.300% due 07/01/2059

 

5,000

 

4,076

5.000% due 09/01/2037

 

2,390

 

2,369

Firebaugh, California Revenue Bonds, Series 2019
2.050% due 08/01/2029

 

950

 

860

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021

 

 

 

 

0.000% due 06/01/2066 (d)

 

76,595

 

8,249

3.714% due 06/01/2041

 

1,250

 

955

3.850% due 06/01/2050

 

6,415

 

5,907

4.214% due 06/01/2050

 

1,100

 

831

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022
5.000% due 06/01/2051

 

1,900

 

1,924

Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019
3.678% due 06/01/2038

 

2,665

 

2,566

Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023
0.000% due 09/01/2050 (d)

 

1,250

 

368

Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022
5.250% due 06/01/2047

 

2,000

 

2,072

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

 

4,000

 

3,792

Los Angeles Department of Airports, California Revenue Bonds, Series 2025
5.000% due 05/15/2036 (b)

 

9,210

 

9,833

Rio Hondo Community College District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2046 (d)

 

4,000

 

1,438

River Islands Public Financing Authority, California Special Tax, Series 2022
5.750% due 09/01/2052

 

3,000

 

3,117

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

 

1,000

 

885

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023
5.250% due 07/01/2058

 

12,900

 

13,366

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024
5.000% due 05/01/2035

 

5,560

 

6,005

Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021

 

 

 

 

0.000% due 06/01/2060 (d)

 

28,500

 

4,654

4.000% due 06/01/2049

 

1,750

 

1,544

Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019

 

 

 

 

0.000% due 06/01/2054 (d)

 

1,000

 

201

5.000% due 06/01/2048

 

1,265

 

1,243

 

 

 

 

185,105

COLORADO 3.0%

 

 

 

 

Aurora Highlands Community Authority Board, Colorado Revenue Bonds, Series 2021
5.750% due 12/01/2051

 

4,000

 

3,735

Bradley Heights Metropolitan District No 2, Colorado General Obligation Bonds, Series 2021
4.750% due 12/01/2051

 

6,250

 

4,819

Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2017
5.000% due 12/01/2037

 

4,500

 

4,421

Clear Creek Transit Metropolitan District No 2, Colorado General Obligation Bonds, Series 2021

 

 

 

 

5.000% due 12/01/2050

 

700

 

521

7.900% due 12/15/2050

 

1,125

 

1,016

Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024
5.250% due 12/01/2049

 

3,500

 

3,764

Colorado Health Facilities Authority Revenue Bonds, Series 2019

 

 

 

 

4.000% due 11/15/2043

 

4,410

 

4,053

4.000% due 08/01/2049

 

1,000

 

884

Colorado Health Facilities Authority Revenue Bonds, Series 2022
5.500% due 11/01/2047

 

4,000

 

4,207

Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021
0.000% due 12/01/2051 (e)

 

6,375

 

4,764

Colorado School of Mines Revenue Bonds, Series 2024
5.000% due 12/01/2054

 

2,000

 

2,067

Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022

 

 

 

 

5.000% due 12/01/2027

 

1,676

 

1,695

5.250% due 12/01/2032

 

3,170

 

3,239

5.875% due 12/01/2052

 

9,250

 

9,313

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

 

2,500

 

2,476

Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021
5.250% due 12/01/2051

 

2,500

 

2,463

Reunion Metropolitan District, Colorado Revenue Bonds, Series 2021
3.625% due 12/01/2044

 

5,132

 

3,764

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

 

2,915

 

2,597

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

 

1,000

 

790

Transport Metropolitan District No 3, Colorado General Obligation Bonds, Series 2021
5.000% due 12/01/2051

 

500

 

389

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

March 31, 2025 (Unaudited)

 

Village Metropolitan District, Colorado General Obligation Bonds, Series 2020
5.000% due 12/01/2040

 

1,000

 

1,007

 

 

 

 

61,984

DELAWARE 1.5%

 

 

 

 

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022

 

 

 

 

3.956% due 04/01/2039

 

4,655

 

4,668

4.037% due 04/01/2039

 

21,460

 

19,634

7.120% due 04/01/2039

 

3,785

 

3,487

7.570% due 04/01/2039

 

865

 

833

Delaware State Economic Development Authority Revenue Bonds, Series 2020
1.250% due 10/01/2045

 

2,500

 

2,464

 

 

 

 

31,086

DISTRICT OF COLUMBIA 0.3%

 

 

 

 

Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024

 

 

 

 

5.000% due 07/15/2054

 

3,700

 

3,834

5.000% due 07/15/2056

 

3,300

 

3,418

 

 

 

 

7,252

FLORIDA 4.5%

 

 

 

 

Avenir Community Development District, Florida Special Assessment Bonds, Series 2023
5.375% due 05/01/2043

 

3,440

 

3,455

Capital Projects Finance Authority, Florida Revenue Bonds, Series 2020

 

 

 

 

5.000% due 10/01/2030

 

1,600

 

1,680

5.000% due 10/01/2031

 

1,500

 

1,568

5.000% due 10/01/2032

 

1,350

 

1,405

Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2018

 

 

 

 

5.000% due 07/01/2033 ^(c)

 

500

 

149

5.000% due 07/01/2043 ^(c)

 

250

 

4

5.250% due 07/01/2048 ^(c)

 

250

 

4

Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020
0.000% due 01/01/2035 (d)

 

2,475

 

1,367

Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2021
0.000% due 01/01/2061 (d)

 

5,560

 

405

Capital Trust Authority, Florida Revenue Bonds, Series 2023
6.375% due 06/15/2058

 

3,580

 

3,707

Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021
4.000% due 10/01/2041

 

3,000

 

2,683

Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024
5.000% due 10/01/2054

 

2,500

 

2,566

Crosswinds East Community Development District, Florida Special Assessment Bonds, Series 2024
5.500% due 05/01/2044

 

1,000

 

1,007

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

 

6,500

 

6,030

Florida Development Finance Corp. Revenue Bonds, Series 2024
5.000% due 07/01/2041

 

4,565

 

4,442

Gainesville, Florida Utilities System Revenue Bonds, Series 2012
3.550% due 10/01/2042

 

10,820

 

10,820

Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015
5.000% due 10/01/2040

 

5,000

 

5,012

Hamilton Bluff Community Development District, Florida Special Assessment Bonds, Series 2024
5.800% due 05/01/2054

 

1,000

 

995

Hernando County, Florida Revenue Bonds, Series 2022
5.250% due 06/01/2052

 

2,000

 

2,070

Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2016
5.125% due 05/01/2046

 

4,985

 

4,990

Lee County, Florida Airport Revenue Bonds, Series 2024
5.250% due 10/01/2049

 

2,500

 

2,593

Miami-Dade County, Florida Aviation Revenue Bonds, Series 2024
5.000% due 10/01/2036

 

7,500

 

7,932

Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025
5.000% due 10/01/2050

 

5,000

 

5,191

Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014
5.000% due 05/01/2029

 

1,500

 

1,501

Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024
5.000% due 08/01/2047

 

1,090

 

1,106

Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2025
5.250% due 10/01/2056

 

9,000

 

9,402

Osceola County, Florida Transportation Revenue Bonds, Series 2020
0.000% due 10/01/2035 (d)

 

1,250

 

811

Polk County, Florida Industrial Development Authority Revenue Bonds, Series 2020
5.875% due 01/01/2033 ^(c)

 

2,025

 

1,499

St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2021
4.000% due 12/15/2036

 

1,000

 

899

Tampa, Florida Revenue Bonds, Series 2020

 

 

 

 

0.000% due 09/01/2042 (d)

 

1,000

 

429

0.000% due 09/01/2045 (d)

 

1,850

 

671

Village Community Development District No 15, Florida Special Assessment Bonds, Series 2024
4.200% due 05/01/2039

 

1,500

 

1,460

Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023

 

 

 

 

4.250% due 05/01/2028

 

500

 

504

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

March 31, 2025 (Unaudited)

 

5.250% due 05/01/2054

 

3,480

 

3,553

 

 

 

 

91,910

GEORGIA 3.6%

 

 

 

 

Atlanta Development Authority, Georgia Revenue Bonds, Series 2017
7.000% due 01/01/2040 ^(c)

 

400

 

160

Atlanta Development Authority, Georgia Revenue Bonds, Series 2024
0.000% due 12/15/2048 (e)

 

5,200

 

4,468

Atlanta Development Authority, Georgia Tax Allocation Bonds, Series 2024
5.000% due 04/01/2034

 

700

 

699

Atlanta, Georgia Airport Passenger Facility Charge Revenue Bonds, Series 2019
4.000% due 07/01/2036

 

3,000

 

2,945

Bartow County, Georgia Development Authority Revenue Bonds, Series 1997
1.800% due 09/01/2029

 

2,800

 

2,460

Burke County, Georgia Development Authority Revenue Bonds, Series 2017
4.125% due 11/01/2045

 

5,000

 

4,533

Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023
5.125% due 04/01/2053

 

4,360

 

4,467

Fulton County, Georgia Residential Care Facilities for the Elderly Authority Revenue Bonds, Series 2021
4.000% due 04/01/2056

 

2,000

 

1,577

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021
4.000% due 07/01/2052

 

3,500

 

3,530

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022

 

 

 

 

4.000% due 09/01/2052

 

6,350

 

6,377

5.000% due 12/01/2052

 

15,500

 

16,105

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023
5.000% due 12/01/2053

 

7,600

 

8,046

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024
5.000% due 12/01/2054

 

1,650

 

1,759

Municipal Electric Authority of Georgia Revenue Bonds, Series 2019
5.000% due 01/01/2049

 

6,000

 

6,073

Municipal Electric Authority of Georgia Revenue Bonds, Series 2022
4.500% due 07/01/2063

 

8,000

 

7,481

Municipal Electric Authority of Georgia Revenue Bonds, Series 2024

 

 

 

 

5.000% due 01/01/2037

 

2,000

 

2,190

5.000% due 01/01/2039

 

1,000

 

1,082

 

 

 

 

73,952

GUAM 0.1%

 

 

 

 

Guam Department of Education Certificates of Participation Bonds, Series 2020
4.250% due 02/01/2030

 

1,500

 

1,474

IDAHO 0.3%

 

 

 

 

Idaho Health Facilities Authority Revenue Bonds, Series 2025
5.000% due 03/01/2060

 

2,600

 

2,839

Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
4.600% due 01/01/2049

 

2,460

 

2,419

Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021
3.750% due 09/01/2051

 

1,787

 

1,644

 

 

 

 

6,902

ILLINOIS 3.8%

 

 

 

 

Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017

 

 

 

 

5.000% due 01/01/2047

 

2,085

 

2,085

5.000% due 01/01/2052

 

1,000

 

1,007

Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022

 

 

 

 

5.250% due 01/01/2056

 

1,000

 

1,033

5.500% due 01/01/2055

 

12,000

 

12,454

Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024

 

 

 

 

5.000% due 01/01/2037

 

2,000

 

2,114

5.000% due 01/01/2038

 

2,250

 

2,374

Chicago, Illinois Certificates of Participation Bonds, Series 2016
5.000% due 03/15/2034

 

1,484

 

1,485

Gilberts Special Service Area No 25, Illinois Special Tax Bonds, Series 2018
6.000% due 03/01/2048

 

4,913

 

4,801

Illinois Finance Authority Revenue Bonds, Series 2017
5.125% due 02/15/2045 ^(c)

 

223

 

2

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

 

2,100

 

1,407

Illinois Finance Authority Revenue Bonds, Series 2020

 

 

 

 

3.510% due 05/15/2041

 

2,070

 

1,635

4.000% due 08/15/2039

 

5,370

 

5,136

4.000% due 08/15/2040

 

3,500

 

3,323

Illinois Sales Tax State Revenue Bonds, Series 2021
5.000% due 06/15/2031

 

2,000

 

2,175

Illinois State General Obligation Bonds, Series 2020

 

 

 

 

4.000% due 10/01/2034

 

3,400

 

3,337

5.500% due 05/01/2030

 

4,500

 

4,762

Illinois State General Obligation Bonds, Series 2023
5.000% due 12/01/2043

 

7,200

 

7,425

Illinois State General Obligation Bonds, Series 2024

 

 

 

 

5.000% due 05/01/2037

 

2,900

 

3,102

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

March 31, 2025 (Unaudited)

 

5.000% due 02/01/2039

 

5,000

 

5,300

5.250% due 05/01/2044

 

6,000

 

6,294

Illinois State Revenue Bonds, Series 2013
5.000% due 06/15/2026

 

3,215

 

3,219

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002
0.000% due 12/15/2037 (d)

 

2,000

 

1,135

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

 

1,850

 

1,627

Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020
5.000% due 01/01/2029

 

1,500

 

1,596

 

 

 

 

78,828

INDIANA 2.0%

 

 

 

 

Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025
5.928% due 07/01/2053

 

3,655

 

3,640

Indiana Finance Authority Revenue Bonds, Series 2012

 

 

 

 

3.000% due 11/01/2030

 

5,600

 

5,339

4.250% due 11/01/2030

 

4,250

 

4,341

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

 

10,490

 

1,631

Indiana Finance Authority Revenue Bonds, Series 2021
1.400% due 08/01/2029

 

2,000

 

1,753

Indiana Finance Authority Revenue Bonds, Series 2024
5.000% due 07/01/2054

 

1,000

 

984

Indiana Housing & Community Development Authority Revenue Bonds, Series 2016
0.000% due 07/01/2056

 

3,000

 

2,920

Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023
6.125% due 03/01/2057

 

3,335

 

3,525

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

 

3,000

 

2,928

Mount Vernon, Indiana Revenue Bonds, Series 2015
4.250% due 09/01/2055

 

1,150

 

1,156

Warrick County, Indiana Revenue Bonds, Series 2015
4.250% due 09/01/2055

 

1,000

 

1,005

Whiting, Indiana Revenue Bonds, Series 2016
4.400% due 03/01/2046

 

12,500

 

12,729

 

 

 

 

41,951

IOWA 0.4%

 

 

 

 

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
4.000% due 12/01/2050

 

1,200

 

1,273

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

 

5,640

 

4,989

Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021
0.000% due 06/01/2065 (d)

 

15,000

 

2,232

 

 

 

 

8,494

KANSAS 0.2%

 

 

 

 

Colby, Kansas Revenue Bonds, Series 2024
5.500% due 07/01/2026

 

3,300

 

3,309

KENTUCKY 0.6%

 

 

 

 

Kentucky Economic Development Finance Authority Revenue Bonds, Series 2016
6.000% due 11/15/2036

 

685

 

544

Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021

 

 

 

 

4.250% due 07/01/2031

 

1,380

 

1,305

5.000% due 07/01/2050

 

4,000

 

3,352

Kentucky Public Energy Authority Revenue Bonds, Series 2022
4.108% due 08/01/2052 ~

 

3,900

 

3,872

Kentucky Public Energy Authority Revenue Bonds, Series 2025
5.250% due 06/01/2055

 

1,500

 

1,585

Kentucky State Property & Building Commission Revenue Bonds, Series 2019
4.000% due 11/01/2034

 

1,250

 

1,257

 

 

 

 

11,915

LOUISIANA 0.9%

 

 

 

 

Louisiana Public Facilities Authority Revenue Bonds, Series 2023
5.000% due 07/01/2042

 

2,565

 

2,690

New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024
5.000% due 01/01/2039

 

8,000

 

8,357

Parish of St James, Louisiana Revenue Bonds, Series 2010
6.350% due 10/01/2040

 

2,200

 

2,391

Parish of St James, Louisiana Revenue Bonds, Series 2011
5.850% due 08/01/2041

 

2,500

 

2,507

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

March 31, 2025 (Unaudited)

 

Plaquemines Port Harbor & Terminal District, Louisiana Revenue Bonds, Series 2024
9.000% due 12/01/2044

 

2,500

 

2,447

 

 

 

 

18,392

MARYLAND 0.4%

 

 

 

 

Maryland Economic Development Corp. Tax Allocation Bonds, Series 2020
4.000% due 09/01/2050

 

2,500

 

2,069

Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020
3.052% due 07/01/2040

 

2,500

 

1,912

Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021

 

 

 

 

3.762% due 01/01/2043

 

2,000

 

1,475

4.000% due 06/01/2036

 

200

 

188

Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025
5.000% due 07/01/2045

 

2,100

 

2,284

 

 

 

 

7,928

MASSACHUSETTS 0.5%

 

 

 

 

Massachusetts Development Finance Agency Revenue Bonds, Series 2008
3.400% due 10/01/2042

 

5,000

 

5,000

Massachusetts Development Finance Agency Revenue Bonds, Series 2018
5.000% due 07/01/2048

 

6,000

 

6,023

 

 

 

 

11,023

MICHIGAN 1.6%

 

 

 

 

Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044

 

10,191

 

8,154

Detroit, Michigan General Obligation Bonds, Series 2023

 

 

 

 

5.250% due 05/01/2025

 

1,750

 

1,753

6.000% due 05/01/2039

 

1,400

 

1,569

Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006
3.663% due 07/01/2032 ~

 

2,930

 

2,889

Michigan Finance Authority Revenue Bonds, Series 2020

 

 

 

 

0.000% due 06/01/2045 (d)

 

5,000

 

1,330

0.000% due 06/01/2065 (d)

 

30,650

 

3,157

5.000% due 06/01/2040

 

4,895

 

5,006

Michigan Finance Authority Revenue Bonds, Series 2021
5.000% due 05/01/2046

 

1,100

 

814

Michigan Finance Authority Revenue Bonds, Series 2024

 

 

 

 

4.125% due 02/29/2044

 

700

 

669

5.250% due 02/28/2043

 

1,375

 

1,447

Michigan State Housing Development Authority Revenue Bonds, Series 2024
6.250% due 06/01/2055

 

1,800

 

1,975

Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008
0.000% due 06/01/2046 (d)

 

38,000

 

5,109

 

 

 

 

33,872

MINNESOTA 0.5%

 

 

 

 

Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018
5.000% due 02/15/2048

 

1,515

 

1,517

Minneapolis, Minnesota Revenue Bonds, Series 2018
5.000% due 11/15/2049

 

2,000

 

1,995

Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022

 

 

 

 

5.000% due 01/01/2034

 

1,000

 

1,056

5.000% due 01/01/2036

 

1,900

 

1,993

Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.250% due 01/01/2055

 

1,700

 

1,889

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

 

1,250

 

1,274

 

 

 

 

9,724

MISSOURI 0.2%

 

 

 

 

Cape Girardeau County, Missouri Industrial Development Authority Revenue Bonds, Series 2021
4.000% due 03/01/2046

 

1,400

 

1,316

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019
4.000% due 02/15/2044

 

2,200

 

2,110

 

 

 

 

3,426

MULTI-STATE 2.1%

 

 

 

 

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023

 

 

 

 

0.000% due 12/25/2036

 

10,297

 

10,265

3.721% due 01/25/2040

 

7,864

 

7,808

4.136% due 08/25/2040

 

10,512

 

10,709

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024

 

 

 

 

0.000% due 10/25/2040

 

6,263

 

6,436

4.326% due 08/25/2041 ~

 

6,879

 

7,133

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

March 31, 2025 (Unaudited)

 

Freddie Mac Multifamily Variable Rate Certificate, Revenue Bonds, Series 2022
3.125% due 09/25/2036

 

1,920

 

1,799

 

 

 

 

44,150

NEVADA 0.3%

 

 

 

 

Las Vegas, Nevada Revenue Bonds, Series 2016
4.375% due 06/15/2035

 

2,500

 

2,399

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

 

25,500

 

3,617

 

 

 

 

6,016

NEW HAMPSHIRE 1.8%

 

 

 

 

New Hampshire Business Finance Authority Revenue Bonds, Series 2022
4.000% due 12/01/2028

 

4,050

 

4,052

New Hampshire Business Finance Authority Revenue Bonds, Series 2023

 

 

 

 

4.837% due 07/20/2036

 

8,439

 

8,334

5.087% due 07/20/2027

 

5,269

 

5,357

New Hampshire Business Finance Authority Revenue Bonds, Series 2024
0.000% due 08/20/2039 (a)

 

7,860

 

317

New Hampshire Business Finance Authority Revenue Bonds, Series 2025
4.168% due 01/20/2041

 

8,800

 

8,517

New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.500% due 07/01/2055

 

5,400

 

6,056

New Hampshire National Finance Authority Affordable Housing, Series 2024
4.150% due 10/20/2040

 

5,125

 

4,984

 

 

 

 

37,617

NEW JERSEY 0.9%

 

 

 

 

Atlantic City, New Jersey General Obligation Bonds, Series 2015
6.375% due 03/01/2030

 

755

 

756

New Jersey Economic Development Authority Revenue Bonds, Series 2021
4.000% due 06/15/2040

 

1,000

 

943

New Jersey Economic Development Authority Revenue Bonds, Series 2022
5.000% due 11/01/2036

 

2,500

 

2,681

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

 

5,000

 

4,933

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010
0.000% due 12/15/2032 (d)

 

2,000

 

1,508

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023
5.000% due 06/15/2043

 

2,500

 

2,609

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2046

 

2,655

 

2,598

Union County, New Jersey Improvement Authority Revenue Bonds, Series 2021
8.500% due 06/01/2041

 

5,000

 

3,441

 

 

 

 

19,469

NEW MEXICO 0.4%

 

 

 

 

Farmington, New Mexico Revenue Bonds, Series 2005
1.800% due 04/01/2029

 

8,440

 

7,542

NEW YORK 9.5%

 

 

 

 

Build NYC Resource Corp., New York Revenue Bonds, Series 2018
5.625% due 12/01/2050

 

6,930

 

6,305

Build NYC Resource Corp., New York Revenue Bonds, Series 2022
5.000% due 06/01/2032

 

200

 

206

Long Island Power Authority, New York Revenue Bonds, Series 2021
1.500% due 09/01/2051

 

2,560

 

2,487

Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023
4.720% due 01/01/2044

 

1,800

 

1,780

New York City, New York General Obligation Bonds, Series 2012
3.650% due 04/01/2042

 

5,000

 

5,000

New York City, New York General Obligation Bonds, Series 2014
3.550% due 03/01/2040

 

8,000

 

8,000

New York City, New York Health and Hospitals Corp. Revenue Bonds, Series 2008
2.950% due 02/15/2031

 

10,745

 

10,745

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013
3.550% due 06/15/2050

 

18,760

 

18,760

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023

 

 

 

 

5.250% due 06/15/2048

 

3,200

 

3,415

5.250% due 06/15/2053

 

4,400

 

4,663

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021
4.000% due 08/01/2039

 

1,000

 

980

New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023
5.250% due 05/01/2048

 

5,000

 

5,323

New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025

 

 

 

 

5.000% due 11/01/2037

 

8,700

 

9,656

5.000% due 11/01/2050 (b)

 

6,100

 

6,370

New York City,New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006
3.880% due 03/01/2026

 

3,000

 

3,000

New York County, New York Tobacco Trust Revenue Bonds, Series 2005

 

 

 

 

0.000% due 06/01/2055 (d)

 

26,000

 

2,191

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

March 31, 2025 (Unaudited)

 

0.000% due 06/01/2060 (d)

 

90,000

 

3,855

New York Liberty Development Corp. Revenue Bonds, Series 2014

 

 

 

 

5.000% due 11/15/2044

 

12,000

 

12,026

5.375% due 11/15/2040

 

4,500

 

4,512

New York State Dormitory Authority Revenue Bonds, Series 2024

 

 

 

 

4.000% due 05/01/2037

 

1,500

 

1,509

4.000% due 03/15/2054

 

4,250

 

3,911

New York State Dormitory Authority Revenue Bonds, Series 2025

 

 

 

 

5.000% due 07/01/2036 (b)

 

1,000

 

1,094

5.000% due 07/01/2040 (b)

 

2,165

 

2,315

5.000% due 07/01/2042 (b)

 

3,040

 

3,194

New York State Dormitory Authority Revenue Notes, Series 2024
5.000% due 05/01/2034

 

2,000

 

2,212

New York State Urban Development Corp. Revenue Bonds, Series 2023

 

 

 

 

5.000% due 03/15/2037

 

5,800

 

6,411

5.000% due 03/15/2053

 

1,000

 

1,040

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

 

12,000

 

12,420

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

 

5,000

 

5,031

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

 

2,250

 

2,251

New York Transportation Development Corp. Revenue Bonds, Series 2018

 

 

 

 

5.000% due 01/01/2027

 

5,000

 

5,104

5.000% due 01/01/2036

 

500

 

509

New York Transportation Development Corp. Revenue Bonds, Series 2020

 

 

 

 

4.000% due 10/01/2030

 

8,000

 

7,937

5.250% due 08/01/2031

 

2,115

 

2,191

New York Transportation Development Corp. Revenue Bonds, Series 2021
2.250% due 08/01/2026

 

1,325

 

1,299

New York Transportation Development Corp. Revenue Bonds, Series 2023
6.000% due 04/01/2035

 

3,400

 

3,737

New York Transportation Development Corp. Revenue Bonds, Series 2024

 

 

 

 

5.000% due 06/30/2060

 

2,500

 

2,465

5.250% due 06/30/2044

 

6,000

 

6,209

Port Authority of New York & New Jersey Revenue Bonds, Series 2022
5.500% due 08/01/2052

 

2,000

 

2,099

Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021
0.000% due 06/01/2066 (d)

 

62,170

 

5,813

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025

 

 

 

 

5.000% due 12/01/2043

 

1,250

 

1,327

5.000% due 12/01/2044

 

2,000

 

2,111

5.250% due 12/01/2054

 

3,600

 

3,802

Yonkers Economic Development Corp., New York Revenue Bonds, Series 2019
5.000% due 10/15/2054

 

930

 

890

 

 

 

 

196,155

NORTH CAROLINA 0.6%

 

 

 

 

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007
3.450% due 01/15/2038

 

7,345

 

7,345

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

 

 

 

 

6.250% due 01/01/2055

 

1,800

 

1,995

6.250% due 07/01/2055

 

3,300

 

3,616

Raleigh Durham Airport Authority, North Carolina Revenue Bonds, Series 2008
4.170% due 05/01/2036

 

435

 

435

 

 

 

 

13,391

NORTH DAKOTA 0.0%

 

 

 

 

Grand Forks County, North Dakota Revenue Bonds, Series 2021

 

 

 

 

6.625% due 12/15/2031 ^(c)

 

1,500

 

0

7.000% due 12/15/2043 ^(c)

 

1,000

 

0

 

 

 

 

0

OHIO 4.6%

 

 

 

 

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

 

 

 

 

0.000% due 06/01/2057 (d)

 

100,765

 

10,039

5.000% due 06/01/2055

 

12,500

 

11,034

Cleveland-Cuyahoga County, Ohio Port Authority Tax Allocation Bonds, Series 2021
4.000% due 12/01/2055

 

945

 

745

Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025
5.000% due 01/01/2037

 

6,500

 

6,923

Cuyahoga County, Ohio Revenue Bonds, Series 2017
5.000% due 02/15/2057

 

2,705

 

2,567

Franklin County, Ohio Convention Facilities Authority Revenue Bonds, Series 2019
5.000% due 12/01/2044

 

1,000

 

949

Franklin County, Ohio Revenue Bonds, Series 2022
3.550% due 11/01/2042

 

8,940

 

8,940

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

 

13,000

 

11,637

Kent State University, Ohio Revenue Bonds, Series 2022
5.000% due 05/01/2034

 

1,425

 

1,551

Montgomery County, Ohio Revenue Bonds, Series 2018
6.250% due 04/01/2049 ^(c)

 

2,559

 

128

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

March 31, 2025 (Unaudited)

 

Ohio Air Quality Development Authority Revenue Bonds, Series 2014
2.400% due 12/01/2038

 

1,000

 

929

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

 

2,000

 

2,018

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

 

13,350

 

12,139

Ohio Air Quality Development Authority Revenue Bonds, Series 2022
4.250% due 11/01/2039

 

5,045

 

5,096

Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.250% due 03/01/2055

 

9,395

 

10,304

Ohio State University Revenue Bonds, Series 2023
2.800% due 12/01/2034

 

10,000

 

10,000

 

 

 

 

94,999

OKLAHOMA 0.3%

 

 

 

 

Oklahoma Development Finance Authority Revenue Bonds, Series 2019
4.000% due 08/01/2036

 

1,230

 

1,148

Oklahoma Development Finance Authority Revenue Bonds, Series 2021
8.000% due 12/01/2041 ^(c)

 

6,000

 

4,498

 

 

 

 

5,646

OREGON 0.1%

 

 

 

 

Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2018
5.000% due 05/15/2052

 

355

 

321

Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2020
5.375% due 11/15/2055

 

750

 

731

 

 

 

 

1,052

PENNSYLVANIA 4.9%

 

 

 

 

Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024

 

 

 

 

4.000% due 12/01/2044

 

2,000

 

1,909

5.000% due 12/01/2049

 

1,250

 

1,305

Berks County, Pennsylvania Municipal Authority Revenue Bonds, Series 2024

 

 

 

 

6.000% due 06/30/2034

 

770

 

830

7.000% due 06/30/2039

 

7,825

 

7,246

8.000% due 06/30/2034

 

1,539

 

1,575

Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017
7.750% due 12/01/2037

 

1,725

 

1,887

Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018
4.000% due 06/01/2039

 

1,000

 

939

Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020
4.000% due 04/01/2050

 

7,000

 

6,115

Lehigh County, Pennsylvania Revenue Bonds, Series 2019
3.970% due 08/15/2038 ~(f)

 

2,855

 

2,837

Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2019
2.450% due 12/01/2039

 

2,000

 

1,779

Mercer County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2020
6.125% due 10/01/2050

 

2,205

 

1,634

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

 

5,000

 

5,105

Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024
5.000% due 11/01/2044

 

1,300

 

1,277

Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2022
4.000% due 05/01/2039

 

1,375

 

1,337

Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015

 

 

 

 

5.750% due 07/01/2035

 

3,000

 

2,385

6.000% due 07/01/2045

 

5,000

 

3,917

Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022

 

 

 

 

5.000% due 12/31/2057

 

2,400

 

2,434

5.750% due 12/31/2062

 

2,000

 

2,126

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009
5.250% due 12/01/2038

 

2,000

 

2,015

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015

 

 

 

 

5.000% due 12/31/2030

 

6,695

 

6,782

5.000% due 12/31/2038

 

1,150

 

1,157

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019
3.000% due 04/01/2039

 

3,000

 

2,517

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022

 

 

 

 

5.250% due 06/30/2053

 

500

 

509

5.500% due 06/30/2040

 

5,000

 

5,294

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2023
5.000% due 07/01/2042

 

2,000

 

2,054

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025

 

 

 

 

5.000% due 03/15/2060 (b)

 

6,400

 

6,923

5.450% due 01/01/2051

 

5,350

 

5,476

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024

 

 

 

 

5.250% due 11/01/2041

 

3,500

 

3,758

5.250% due 11/01/2043

 

4,000

 

4,257

5.250% due 11/01/2044

 

1,000

 

1,062

Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024

 

 

 

 

6.000% due 10/01/2054

 

2,100

 

2,273

6.250% due 10/01/2054

 

1,100

 

1,204

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

March 31, 2025 (Unaudited)

 

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021
4.000% due 12/01/2051

 

1,500

 

1,371

Pennsylvania Turnpike Commission Revenue Bonds, Series 2014
0.000% due 12/01/2037 (e)

 

5,665

 

5,417

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

 

2,500

 

2,322

 

 

 

 

101,028

PUERTO RICO 6.9%

 

 

 

 

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

 

87,500

 

5,486

Commonwealth of Puerto Rico Bonds, Series 2022

 

 

 

 

0.000% due 11/01/2043

 

9,672

 

6,069

0.000% due 11/01/2051

 

46,197

 

28,758

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
5.625% due 07/01/2027

 

2,758

 

2,857

GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018
7.500% due 08/20/2040

 

17,866

 

17,486

Puerto Rico Electric Power Authority Revenue Bonds, Series 2010

 

 

 

 

5.250% due 07/01/2026 ^(c)

 

10,600

 

5,167

5.250% due 07/01/2030 ^(c)

 

300

 

146

5.250% due 07/01/2040 ^(c)

 

3,000

 

1,463

Puerto Rico Electric Power Authority Revenue Bonds, Series 2012
5.000% due 07/01/2029 ^(c)

 

25,700

 

12,529

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

 

 

 

 

0.000% due 07/01/2046 (d)

 

71,410

 

23,428

0.000% due 07/01/2051 (d)

 

95,339

 

23,149

4.750% due 07/01/2053

 

6,250

 

6,018

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019

 

 

 

 

4.329% due 07/01/2040

 

3,000

 

2,926

4.550% due 07/01/2040

 

4,493

 

4,452

4.784% due 07/01/2058

 

1,880

 

1,792

 

 

 

 

141,726

RHODE ISLAND 0.8%

 

 

 

 

Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024
5.250% due 05/15/2049

 

3,650

 

3,784

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2007
0.000% due 06/01/2052 (d)

 

1,700

 

294

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015

 

 

 

 

4.500% due 06/01/2045

 

2,500

 

2,500

5.000% due 06/01/2050

 

10,000

 

9,999

 

 

 

 

16,577

SOUTH CAROLINA 0.6%

 

 

 

 

Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023
5.250% due 02/01/2054

 

3,100

 

3,317

South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2021
6.500% due 06/01/2051 ^(c)

 

500

 

75

South Carolina Public Service Authority Revenue Bonds, Series 2024
5.500% due 12/01/2054

 

3,000

 

3,212

South Carolina Public Service Authority Revenue Bonds, Series 2025
5.250% due 12/01/2050

 

6,300

 

6,634

 

 

 

 

13,238

TENNESSEE 2.0%

 

 

 

 

Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024
5.250% due 12/01/2049

 

1,200

 

1,256

Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017

 

 

 

 

5.500% due 07/01/2037

 

1,420

 

1,055

5.625% due 01/01/2046

 

1,900

 

1,267

Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023
4.875% due 10/01/2038

 

4,970

 

5,005

Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024

 

 

 

 

3.250% due 10/01/2045

 

5,300

 

5,301

3.250% due 10/01/2046

 

4,400

 

4,399

Metropolitan Government of Nashville & Davidson County, Tennessee Industrial Development Board Special Assessment Bonds, Series 2021
0.000% due 06/01/2043 (d)

 

2,000

 

806

Tennergy Corp., Tennessee Revenue Bonds, Series 2021
4.000% due 12/01/2051

 

10,185

 

10,230

Tennergy Corp., Tennessee Revenue Bonds, Series 2022
5.500% due 10/01/2053

 

5,750

 

6,048

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021
5.000% due 05/01/2052

 

5,000

 

5,228

 

 

 

 

40,595

TEXAS 8.0%

 

 

 

 

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

 

 

 

 

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

 

2,675

 

901

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

 

9,000

 

4,279

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

March 31, 2025 (Unaudited)

 

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

 

1,600

 

1,501

Austin Housing Finance Corp., Texas Revenue Bonds, Series 2024
3.400% due 11/01/2042

 

1,750

 

1,757

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

 

2,000

 

1,934

Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2019

 

 

 

 

7.000% due 03/01/2039 ^(c)

 

965

 

772

9.000% due 03/01/2039 ^(c)

 

2,390

 

1,912

Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022
10.000% due 06/01/2042

 

3,000

 

2,550

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

 

7,000

 

5,950

Calhoun County, Texas Navigation Industrial Development Authority Revenue Bonds, Series 2021

 

 

 

 

3.625% due 07/01/2026

 

2,250

 

2,128

6.500% due 07/01/2026

 

2,750

 

2,698

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

 

3,000

 

2,742

Dallas Housing Finance Corp., Texas Revenue Bonds, Series 2022
6.000% due 12/01/2062

 

3,000

 

2,836

Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025
5.000% due 02/15/2055

 

5,000

 

5,439

Denton County, Texas Special Assessment Bonds, Series 2025

 

 

 

 

5.625% due 12/31/2055

 

2,700

 

2,665

5.875% due 12/31/2045

 

1,000

 

981

Ector County, Texas General Obligation Bonds, Series 2024
5.000% due 02/15/2041

 

7,625

 

8,023

EP Essential Housing WF PFC, Texas Revenue Bonds, Series 2024
4.250% due 12/01/2034

 

3,700

 

3,645

Garland Housing Finance Corp., Texas Revenue Bonds, (FNMA Insured), Series 2024
4.610% due 01/01/2043

 

1,100

 

1,088

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

 

3,000

 

2,686

Houston, Texas Airport System Revenue Bonds, Series 2024
5.500% due 07/15/2035

 

10,500

 

11,115

Houston, Texas Airport System Revenue Notes, Series 2024
5.250% due 07/15/2034

 

6,000

 

6,256

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

 

2,800

 

2,892

Lower Colorado River Authority, Texas Revenue Bonds, Series 2021
5.000% due 05/15/2051

 

6,000

 

6,107

Lower Colorado River Authority, Texas Revenue Bonds, Series 2025
5.000% due 05/15/2050

 

1,000

 

1,033

Manor Housing Public Facility Corp., Texas Revenue Bonds, Series 2024
3.400% due 11/01/2042

 

2,550

 

2,552

Mission Economic Development Corp., Texas Revenue Bonds, Series 2024
4.000% due 06/01/2054

 

4,250

 

4,202

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2016

 

 

 

 

4.000% due 07/01/2031 ^(c)

 

2,510

 

2,002

4.000% due 07/01/2036 ^(c)

 

2,065

 

1,864

5.000% due 07/01/2046 ^(c)

 

12,245

 

10,285

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017
5.000% due 07/01/2047 ^(c)

 

1,500

 

985

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019

 

 

 

 

4.000% due 12/01/2054

 

450

 

342

5.000% due 12/01/2054

 

250

 

227

Port Beaumont Navigation District, Texas Revenue Bonds, Series 2020
4.000% due 01/01/2050

 

6,000

 

4,935

Port Beaumont Navigation District, Texas Revenue Bonds, Series 2021
2.500% due 01/01/2030

 

1,000

 

912

Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
5.000% due 02/15/2054

 

4,700

 

4,876

San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015
1.125% due 12/01/2045

 

4,000

 

3,836

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

 

4,000

 

4,132

Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2023
5.500% due 07/01/2053

 

4,320

 

4,595

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
4.505% due 12/15/2026 ~

 

3,000

 

3,001

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2023
5.500% due 01/01/2054

 

1,650

 

1,749

Texas Transportation Commission Revenue Bonds, Series 2019
5.000% due 08/01/2057

 

3,000

 

3,016

Texas Water Development Board Revenue Bonds, Series 2022

 

 

 

 

4.800% due 10/15/2052

 

4,400

 

4,513

5.000% due 10/15/2057

 

1,750

 

1,808

Texas Water Development Board Revenue Bonds, Series 2023

 

 

 

 

4.875% due 10/15/2048

 

5,000

 

5,136

5.000% due 10/15/2058

 

2,100

 

2,176

Texas Water Development Board Revenue Bonds, Series 2024

 

 

 

 

4.250% due 10/15/2051

 

5,000

 

4,821

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

March 31, 2025 (Unaudited)

 

4.375% due 10/15/2059

 

8,300

 

8,083

 

 

 

 

163,938

UTAH 0.4%

 

 

 

 

MIDA Mountain Veterans Program Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024
5.000% due 06/01/2044

 

1,000

 

978

Mida Mountain Village Public Infrastructure District, Utah Special Assessment Bonds, Series 2021
4.000% due 08/01/2050

 

2,000

 

1,718

Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024
5.750% due 06/15/2044

 

2,125

 

2,180

Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.250% due 07/01/2055

 

3,100

 

3,461

 

 

 

 

8,337

VIRGINIA 1.0%

 

 

 

 

Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021
3.750% due 03/01/2036

 

5,665

 

5,304

Lynchburg Economic Development Authority, Virginia Revenue Bonds, Series 2021
4.000% due 01/01/2041

 

455

 

431

Virginia Beach Development Authority Revenue Bonds, Series 2023
7.000% due 09/01/2053

 

3,500

 

3,927

Virginia Small Business Financing Authority Revenue Bonds, Series 2019

 

 

 

 

0.000% due 07/01/2061 (d)

 

29,035

 

883

5.000% due 07/01/2034

 

7,610

 

6,914

7.500% due 07/01/2052 ^(c)

 

4,170

 

2,502

 

 

 

 

19,961

WASHINGTON 0.4%

 

 

 

 

Washington State General Obligation Bonds, Series 2024
5.000% due 07/01/2035

 

2,750

 

3,111

Washington State Housing Finance Commission Revenue Bonds, Series 2024
3.812% due 03/20/2040

 

4,586

 

4,265

 

 

 

 

7,376

WEST VIRGINIA 0.8%

 

 

 

 

Montgomery County, West Virginia Tax Allocation Bonds, Series 2023

 

 

 

 

5.000% due 06/01/2033

 

410

 

424

5.750% due 06/01/2043

 

875

 

920

6.000% due 06/01/2053

 

1,315

 

1,385

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (d)

 

70,100

 

6,606

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020
4.875% due 06/01/2049

 

4,155

 

3,850

West Virginia Hospital Finance Authority Revenue Bonds, Series 2023
5.750% due 09/01/2043

 

4,000

 

4,279

 

 

 

 

17,464

WISCONSIN 3.5%

 

 

 

 

Public Finance Authority, Wisconsin Revenue Bonds, Series 2017

 

 

 

 

6.750% due 08/01/2031

 

3,000

 

2,693

7.000% due 01/01/2050

 

1,000

 

1,045

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

 

2,000

 

900

Public Finance Authority, Wisconsin Revenue Bonds, Series 2019
5.875% due 10/01/2054

 

1,500

 

966

Public Finance Authority, Wisconsin Revenue Bonds, Series 2020

 

 

 

 

5.000% due 01/01/2055

 

1,000

 

919

5.250% due 03/01/2045

 

1,500

 

1,414

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021

 

 

 

 

0.000% due 01/01/2061 (d)

 

4,575

 

333

4.000% due 09/30/2051

 

985

 

811

4.000% due 03/31/2056

 

4,000

 

3,215

4.500% due 06/01/2056

 

7,670

 

5,732

5.000% due 07/01/2037

 

500

 

503

5.000% due 07/01/2039

 

500

 

498

5.000% due 07/01/2041

 

500

 

488

5.625% due 06/01/2050

 

2,015

 

1,927

6.500% due 06/01/2045

 

3,100

 

2,710

Public Finance Authority, Wisconsin Revenue Bonds, Series 2023

 

 

 

 

0.000% due 09/01/2029 (d)

 

742

 

541

3.550% due 10/01/2055

 

12,605

 

12,605

6.125% due 12/15/2029

 

2,570

 

2,550

Public Finance Authority, Wisconsin Revenue Bonds, Series 2024
5.500% due 12/15/2028

 

2,448

 

2,458

Public Finance Authority, Wisconsin Revenue Bonds, Series 2025

 

 

 

 

5.000% due 11/15/2043

 

1,000

 

1,036

5.000% due 11/15/2044

 

1,000

 

1,032

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018
3.450% due 04/01/2048

 

13,025

 

13,025

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

 

 

 

 

0.000% due 12/15/2033 (d)

 

2,755

 

1,907

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

March 31, 2025 (Unaudited)

 

0.000% due 12/15/2045 (d)

 

17,000

 

5,957

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021
4.000% due 08/15/2046

 

4,000

 

3,680

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024
6.000% due 07/01/2060

 

2,400

 

2,435

 

 

 

 

71,380

Total Municipal Bonds & Notes (Cost $1,849,408)

 

 

 

1,817,458

U.S. GOVERNMENT AGENCIES 3.9%

 

 

 

 

Freddie Mac

 

 

 

 

2.802% due 04/25/2043 ~

 

3,657

 

3,201

2.952% due 01/25/2039 ~

 

7,800

 

5,084

3.199% due 01/25/2043 ~

 

3,800

 

2,457

3.600% due 06/01/2043

 

3,301

 

3,015

3.700% due 09/01/2038

 

9,922

 

9,355

3.720% due 01/01/2041

 

4,450

 

4,136

3.790% due 07/01/2040

 

4,153

 

3,907

3.800% due 12/01/2038

 

8,817

 

8,362

3.850% due 02/01/2038 - 01/01/2040

 

14,189

 

13,440

4.000% due 01/01/2039

 

1,386

 

1,338

4.500% due 12/01/2040

 

4,568

 

4,600

4.600% due 03/01/2041

 

2,600

 

2,643

4.900% due 02/01/2040

 

2,972

 

3,124

4.952% due 07/15/2040 •

 

5,902

 

6,027

4.977% due 01/25/2042 ~«

 

3,600

 

2,922

5.210% due 08/01/2040

 

6,636

 

7,184

Total U.S. Government Agencies (Cost $78,944)

 

 

 

80,795

NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3%

 

 

 

 

Multifamily Tax-Exempt Mortgage-backed Securities
4.770% due 07/01/2043

 

6,000

 

6,034

Total Non-Agency Mortgage-Backed Securities (Cost $6,000)

 

 

 

6,034

 

 

SHARES

 

 

MUTUAL FUNDS 2.3%

 

 

 

 

BlackRock MuniHoldings California Quality Fund, Inc.

 

420,229

 

4,501

BlackRock MuniHoldings Fund, Inc.

 

458,140

 

5,379

BlackRock MuniVest Fund, Inc.

 

376,870

 

2,642

BlackRock MuniYield Quality Fund III, Inc.

 

490,934

 

5,395

BlackRock New York Municipal Income Trust

 

40,759

 

415

Invesco Quality Municipal Income Trust

 

461,597

 

4,468

Nuveen AMT-Free Municipal Credit Income Fund

 

470,900

 

5,830

Nuveen California Quality Municipal Income Fund

 

401,979

 

4,518

Nuveen Municipal Credit Income Fund

 

462,380

 

5,655

Nuveen Quality Municipal Income Fund

 

300,646

 

3,463

Western Asset Managed Municipals Fund, Inc.

 

544,800

 

5,606

Total Mutual Funds (Cost $54,520)

 

 

 

47,872

PREFERRED SECURITIES 0.0%

 

 

 

 

INDUSTRIALS 0.0%

 

 

 

 

SVB Financial Trust
0.000% due 11/07/2032 (d)

 

122,000

 

2

 

Total Preferred Securities (Cost $2,752)

 

 

 

2

 

 

PRINCIPAL
AMOUNT
(000s)

 

 

SHORT-TERM INSTRUMENTS 1.6%

 

 

 

 

REPURCHASE AGREEMENTS (g) 1.3%

 

 

 

27,200

MUNICIPAL BONDS & NOTES 0.3%

 

 

 

 

Houston, Texas Revenue Notes, Series 2024
5.000% due 06/30/2025

$

5,600

 

5,629

Total Municipal Bonds & Notes (Cost $5,628)

 

 

 

5,629

Total Short-Term Instruments (Cost $32,828)

 

 

 

32,829

Total Investments in Securities (Cost $2,120,791)

 

 

 

2,079,034

Total Investments 100.9% (Cost $2,120,791)

 

 

$

2,079,034

Financial Derivative Instruments (h) (0.0)%(Cost or Premiums, net $0)

 

 

 

(11)

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

March 31, 2025 (Unaudited)

 

Other Assets and Liabilities, net (0.9)%

 

 

 

(19,009)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

2,060,014

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

March 31, 2025 (Unaudited)

 

 

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

 

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

 

¤

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

^

Security is in default.

«

Security valued using significant unobservable inputs (Level 3).

µ

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

~

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

•

Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a)

Security is an Interest Only ("IO") or IO Strip.

(b)

When-issued security.

(c)

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

(d)

Zero coupon security.

(e)

Security becomes interest bearing at a future date.

(f)

RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets

Anchor Senior Living

6.020

%

10/01/2042

01/09/2025

$

13,857

$

14,415

0.70

%

City of Woodland

4.400

 

09/01/2034

07/26/2023

 

14,114

 

13,858

0.67

 

Lehigh County, Pennsylvania Revenue Bonds, Series 2019

3.970

 

08/15/2038

09/14/2021

 

2,898

 

2,837

0.14

 

 

 

 

 

$

30,869

$

31,110

1.51%  

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(g)

REPURCHASE AGREEMENTS:

Counterparty

Lending
Rate

Settlement
Date

Maturity
Date

 

Principal
Amount

Collateralized By

 

Collateral
(Received)

 

Repurchase
Agreements,
at Value

 

Repurchase
Agreement
Proceeds
to be
Received(1)

FICC STR

4.360%

03/31/2025

04/01/2025

$

17,100

U.S. Treasury Inflation Protected Securities 2.375% due 02/15/2034

$

(17,442)

$

17,100

$

17,102

TDM

4.450

03/31/2025

04/01/2025

 

10,100

U.S. Treasury Note 4.000% due 02/15/2034

 

(10,338)

 

10,100

 

10,101

Total Repurchase Agreements

 

$

(27,780)

$

27,200

$

27,203

(1)

Includes accrued interest.

(h)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

 

Variation Margin

Description

 

 

 

Expiration
Month

 

# of
Contracts

 

Notional
Amount

 

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

U.S. Treasury 5-Year Note June Futures

06/2025

 

40

$

(4,326)

 

$

(43)

$

1

$

0

U.S. Treasury 10-Year Note June Futures

06/2025

 

780

 

(86,751)

 

 

(721)

 

0

 

(12)

Total Futures Contracts

 

$

(764)

$

1

$

(12)

Cash of $4,310 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 03/31/2025

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

March 31, 2025 (Unaudited)

 

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

0

$

74,381

$

74,381

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

360

 

9,192

 

9,552

 

 

Industrials

 

0

 

10,111

 

0

 

10,111

 

Municipal Bonds & Notes

 

Alabama

 

0

 

60,668

 

0

 

60,668

 

 

Alaska

 

0

 

5,683

 

0

 

5,683

 

 

Arizona

 

0

 

31,462

 

0

 

31,462

 

 

Arkansas

 

0

 

3,461

 

0

 

3,461

 

 

California

 

0

 

185,105

 

0

 

185,105

 

 

Colorado

 

0

 

61,984

 

0

 

61,984

 

 

Delaware

 

0

 

31,086

 

0

 

31,086

 

 

District of Columbia

 

0

 

7,252

 

0

 

7,252

 

 

Florida

 

0

 

91,910

 

0

 

91,910

 

 

Georgia

 

0

 

73,952

 

0

 

73,952

 

 

Guam

 

0

 

1,474

 

0

 

1,474

 

 

Idaho

 

0

 

6,902

 

0

 

6,902

 

 

Illinois

 

0

 

78,828

 

0

 

78,828

 

 

Indiana

 

0

 

41,951

 

0

 

41,951

 

 

Iowa

 

0

 

8,494

 

0

 

8,494

 

 

Kansas

 

0

 

3,309

 

0

 

3,309

 

 

Kentucky

 

0

 

11,915

 

0

 

11,915

 

 

Louisiana

 

0

 

18,392

 

0

 

18,392

 

 

Maryland

 

0

 

7,928

 

0

 

7,928

 

 

Massachusetts

 

0

 

11,023

 

0

 

11,023

 

 

Michigan

 

0

 

33,872

 

0

 

33,872

 

 

Minnesota

 

0

 

9,724

 

0

 

9,724

 

 

Missouri

 

0

 

3,426

 

0

 

3,426

 

 

Multi-State

 

0

 

44,150

 

0

 

44,150

 

 

Nevada

 

0

 

6,016

 

0

 

6,016

 

 

New Hampshire

 

0

 

37,617

 

0

 

37,617

 

 

New Jersey

 

0

 

19,469

 

0

 

19,469

 

 

New Mexico

 

0

 

7,542

 

0

 

7,542

 

 

New York

 

0

 

196,155

 

0

 

196,155

 

 

North Carolina

 

0

 

13,391

 

0

 

13,391

 

 

Ohio

 

0

 

94,999

 

0

 

94,999

 

 

Oklahoma

 

0

 

5,646

 

0

 

5,646

 

 

Oregon

 

0

 

1,052

 

0

 

1,052

 

 

Pennsylvania

 

0

 

101,028

 

0

 

101,028

 

 

Puerto Rico

 

0

 

141,726

 

0

 

141,726

 

 

Rhode Island

 

0

 

16,577

 

0

 

16,577

 

 

South Carolina

 

0

 

13,238

 

0

 

13,238

 

 

Tennessee

 

0

 

40,595

 

0

 

40,595

 

 

Texas

 

0

 

163,938

 

0

 

163,938

 

 

Utah

 

0

 

8,337

 

0

 

8,337

 

 

Virginia

 

0

 

19,961

 

0

 

19,961

 

 

Washington

 

0

 

7,376

 

0

 

7,376

 

 

West Virginia

 

0

 

17,464

 

0

 

17,464

 

 

Wisconsin

 

0

 

71,380

 

0

 

71,380

 

U.S. Government Agencies

 

0

 

80,795

 

0

 

80,795

 

Non-Agency Mortgage-Backed Securities

 

0

 

6,034

 

0

 

6,034

 

Mutual Funds

 

47,872

 

0

 

0

 

47,872

 

Preferred Securities

 

Industrials

 

0

 

2

 

0

 

2

 

Short-Term Instruments

 

Repurchase Agreements

 

0

 

27,200

 

0

 

27,200

 

 

Municipal Bonds & Notes

 

0

 

5,629

 

0

 

5,629

 

Total Investments

$

47,872

$

 

1,947,589

$

83,573

$

2,079,034

 

Financial Derivative Instruments - Assets

Exchange-traded or centrally cleared

$

0

$

1

$

0

$

1

 

Financial Derivative Instruments - Liabilities

Exchange-traded or centrally cleared

$

0

$

(12)

$

0

$

(12)

 

Total Financial Derivative Instruments

$

0

$

(11)

$

0

$

(11)

 

Totals

$

47,872

$

 

1,947,578

$

83,573

$

2,079,023

 

 

 

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

Category and Subcategory

Beginning
Balance
at 12/31/2024

Net
Purchases

Net
Sales/Settlements

Accrued
Discounts/
(Premiums)

Realized
Gain/(Loss)

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

Transfers into
Level 3

Transfers out
of Level 3

Ending
Balance
at 03/31/2025

Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
03/31/2025 (1)

Investments in Securities, at Value

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

March 31, 2025 (Unaudited)

 

Loan Participations and Assignments

$

60,069

$

13,864

$

(25)

$

(2)

$

(1)

$

476

$

0

$

0

$

74,381

$

476

Corporate Bonds & Notes

 

Banking & Finance

 

11,435

 

0

 

(286)

 

1

 

5

 

(1,963)

 

0

 

0

 

9,192

 

(1,957)

U.S. Government Agencies

 

2,893

 

0

 

0

 

7

 

0

 

22

 

0

 

(2,922)

 

0

 

22

Totals

$

74,397

$

13,864

$

(311)

$

6

$

4

$

(1,465)

$

0

$

(2,922)

$

83,573

$

(1,459)


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

 

(% Unless Noted Otherwise)

 

Category and Subcategory

Ending
Balance
at 03/31/2025

Valuation Technique

Unobservable Inputs

 

Input Value(s)

Weighted Average

Investments in Securities, at Value

Loan Participations and Assignments

$

63,386

Discounted Cash Flow

Discount Rate

 

5.270 - 6.910

6.018

 

 

10,995

Recent Transaction

Purchase Price

 

100.000

—

Corporate Bonds & Notes

 

Banking & Finance

 

9,192

Discounted Cash Flow

Discount Rate

 

8.098 - 11.677

11.223

Total

$

83,573

(1)

Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

 

 

​

Notes to Financial Statements 

1. BASIS FOR CONSOLIDATION

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

 

Subsidiary

 

Date of Formation

Subsidiary % of Consolidated Fund Net Assets†

14751 SPV I LLC

 

06/29/2023

2.5%

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

 

2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

 

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

 

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

 

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

 

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 Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources 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. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. 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 Sources. With respect to any portion of the Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund’s NAV will be calculated based on the NAVs of such investments.

 

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Fund is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

 

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments, and in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV.

 

Fair valuation may require subjective determinations about the value of a security. While the Fund’s and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could

 

 

Notes to Financial Statements (Cont.)

 

obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

 

Under certain circumstances, the per share NAV of a class of the Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

 

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

 

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

 

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

 

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

 

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by pricing services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

 

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

 

(c) Valuation Techniques and the Fair Value Hierarchy

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

 

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

 

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

 

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

 

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

 

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

 

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

 

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

 

 

 

 

 

3. FEDERAL INCOME TAX MATTERS

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

 

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

 

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of March 31, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

 

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

 

 

 

 

 

​

Glossary: (abbreviations that may be used in the preceding statements)       (Unaudited)
                     
Counterparty Abbreviations:                
FICC STR   Fixed Income Clearing Corp. - State Street
FICC Repo		   TDM   TD Securities (USA) LLC        
                     
Currency Abbreviations:                
USD (or $)   United States Dollar                
                     
Municipal Bpnd or Agency Abbreviations:                
AGC   Assured Guaranty Corp.   FGIC   Financial Guaranty Insurance Co.   GNMA   Government National Mortgage Association
AGM   Assured Guaranty Municipal   FHLMC   Federal Home Loan Mortgage Corp.   NPFGC   National Public Finance Guarantee Corp.
BAM   Build America Mutual Assurance   FNMA   Federal National Mortgage Association   PSF   Public School Fund
                     
Other  Abbreviations:                
TBA   To-Be-Announced