Consolidated Schedule of Investments PIMCO Municipal Income Fund II

March 31, 2026 (Unaudited)

 

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

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 171.1% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 14.2%

 

 

 

 

136 River Apartments

 

 

 

 

TBD% - 5.940% due 09/01/2028 «~µ

$

8,563

$

8,560

TBD% due 09/01/2043 «~µ

 

3,183

 

3,183

3412 Victoria
TBD% due 04/01/2044 «~µ

 

1,848

 

1,848

3981 Meier St. Los Angeles
TBD% due 04/01/2044 «~µ

 

2,185

 

2,185

4345 Matilja
TBD% due 04/01/2044 «~µ

 

2,594

 

2,594

5625 Case
TBD% due 04/01/2044 «~µ

 

2,746

 

2,746

8911 Ramsgate
TBD% due 04/01/2044 «~µ

 

2,762

 

2,762

AM Bidco Operations LLC
TBD% - 8.500% (TSFR3M + 0.000%) due 10/21/2027 «~µ(f)

 

6,169

 

5,109

Ammons AT Asheville Highway
4.200% due 10/01/2041 «~(f)

 

10,049

 

8,915

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

 

2,838

 

2,567

California Housing Finance Agency

 

 

 

 

TBD% due 04/01/2044 «~µ

 

2,331

 

2,331

TBD% - 5.840% due 04/01/2028 «~µ

 

24,665

 

24,625

Fairhaven Glen

 

 

 

 

TBD% due 12/12/2041 «~µ

 

500

 

500

TBD% - 6.024% due 01/01/2067 «~

 

9,400

 

9,374

TBD% - 9.710% due 11/01/2027 «~µ

 

7,400

 

7,385

Falcon PK

 

 

 

 

TBD% due 11/01/2026 «~µ

 

2,200

 

2,200

TBD% - 6.024% due 10/26/2063 «~µ

 

11,100

 

11,416

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

 

9,395

 

9,402

Maple Oaks

 

 

 

 

TBD% due 06/01/2027 «~µ

 

3,170

 

3,169

6.200% due 12/01/2042 «~

 

5,852

 

5,802

Portland Place Capital Ltd.
7.250% due 10/31/2026 «~

 

14,335

 

14,319

Touro Shakespeare

 

 

 

 

TBD% due 01/01/2044 «~µ

 

735

 

735

TBD% - 6.500% due 06/01/2028 «~µ

 

5,880

 

5,868

West Branch & River Road
7.057% due 01/01/2043 «~

 

4,397

 

4,296

Total Loan Participations and Assignments (Cost $141,890)

 

 

 

141,891

MUNICIPAL BONDS & NOTES 152.0%

 

 

 

 

ALABAMA 4.3%

 

 

 

 

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

 

 

 

 

4.625% due 06/01/2055

 

1,100

 

1,101

5.000% due 06/01/2055

 

3,800

 

3,856

Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025
5.000% due 10/01/2035

 

10,000

 

10,425

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

 

1,000

 

1,030

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

 

6,215

 

5,509

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

 

10,000

 

10,354

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

 

4,490

 

4,281

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

 

5,800

 

5,837

 

 

 

 

42,393

ALASKA 0.7%

 

 

 

 

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

 

4,695

 

4,746

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

March 31, 2026 (Unaudited)

 

Northern Tobacco Securitization Corp., Alaska Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)

 

19,400

 

2,086

 

 

 

 

6,832

ARIZONA 8.9%

 

 

 

 

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

 

4,800

 

113

Arizona Industrial Development Authority Revenue Bonds, Series 2025

 

 

 

 

5.000% due 01/01/2059 (d)

 

6,557

 

3,401

5.125% due 01/01/2059

 

3,479

 

2,905

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

 

4,700

 

3,760

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

 

3,000

 

2,873

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

 

21,865

 

20,214

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

 

16,320

 

13,960

Salt Verde Financial Corp. Arizona Revenue Bonds, Series 2007

 

 

 

 

5.000% due 12/01/2032

 

4,930

 

5,248

5.000% due 12/01/2037

 

34,000

 

35,909

 

 

 

 

88,383

ARKANSAS 0.9%

 

 

 

 

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

 

5,500

 

3,543

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

 

350

 

353

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

 

5,000

 

5,411

 

 

 

 

9,307

CALIFORNIA 3.3%

 

 

 

 

California Community Choice Financing Authority Revenue Bonds, Series 2024
5.000% due 12/01/2032 (e)

 

11,400

 

11,646

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

 

2,600

 

2,626

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

 

255

 

255

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

 

9,700

 

9,805

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

 

1,810

 

1,746

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

 

12,500

 

1,253

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

 

 

 

 

6.125% due 11/01/2029

 

1,310

 

1,374

6.500% due 11/01/2039

 

3,750

 

4,449

 

 

 

 

33,154

COLORADO 6.4%

 

 

 

 

Colorado Health Facilities Authority Revenue Bonds, Series 2019

 

 

 

 

4.000% due 01/01/2040

 

10,000

 

9,705

4.000% due 11/15/2043

 

14,910

 

14,119

4.000% due 08/01/2049

 

8,000

 

6,901

5.000% due 08/01/2044

 

6,015

 

6,112

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

 

3,500

 

3,399

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

 

3,945

 

3,203

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

 

 

 

 

4.250% due 12/01/2049

 

2,000

 

1,803

4.375% due 12/01/2054

 

2,000

 

1,786

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

 

4,723

 

4,825

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

 

6,000

 

5,965

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

 

2,430

 

2,877

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

 

2,050

 

1,933

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

 

1,275

 

991

 

 

 

 

63,619

CONNECTICUT 2.1%

 

 

 

 

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017
2.550% due 07/01/2057

 

15,355

 

15,355

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

March 31, 2026 (Unaudited)

 

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

 

5,680

 

5,791

 

 

 

 

21,146

DISTRICT OF COLUMBIA 0.8%

 

 

 

 

District of Columbia Revenue Bonds, Series 2022

 

 

 

 

5.500% due 02/29/2036

 

1,625

 

1,841

5.500% due 08/31/2036

 

1,800

 

2,050

5.500% due 02/28/2037

 

1,850

 

2,104

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

 

1,750

 

1,854

 

 

 

 

7,849

FLORIDA 7.2%

 

 

 

 

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

 

1,230

 

1,233

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

 

6,240

 

6,055

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

 

6,000

 

4,781

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

 

 

 

 

5.000% due 07/01/2044

 

1,200

 

1,168

5.250% due 07/01/2047

 

5,295

 

5,203

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

 

7,150

 

6,045

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

 

2,125

 

1,903

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

 

10,000

 

10,185

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

 

600

 

665

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

 

2,500

 

2,489

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

 

 

 

 

4.000% due 07/01/2044

 

1,000

 

975

4.000% due 07/01/2046

 

1,000

 

932

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

 

5,000

 

4,543

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

 

7,250

 

7,333

Orlando Utilities Commission
5.000% due 10/01/2051 (e)

XXX

15,000

 

15,478

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

$

3,750

 

3,280

 

 

 

 

72,268

GEORGIA 6.7%

 

 

 

 

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

 

3,895

 

3,897

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

 

7,100

 

3,195

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

 

10,000

 

10,012

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

 

3,800

 

3,293

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

 

5,000

 

5,248

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

 

35,680

 

34,967

Municipal Electric Authority of Georgia Revenue Bonds, Series 2019

 

 

 

 

5.000% due 01/01/2037

 

850

 

868

5.000% due 01/01/2038

 

1,500

 

1,529

5.000% due 01/01/2049

 

2,000

 

1,999

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

 

2,000

 

2,021

 

 

 

 

67,029

ILLINOIS 11.1%

 

 

 

 

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

 

3,770

 

3,640

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

 

11,000

 

10,058

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

 

3,800

 

3,803

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

 

3,000

 

3,015

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

 

5,000

 

5,001

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

 

9,530

 

9,687

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

 

2,585

 

2,607

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

March 31, 2026 (Unaudited)

 

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

 

3,683

 

110

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

 

12,000

 

12,222

Illinois Finance Authority Revenue Bonds, Series 2026
6.500% due 03/01/2055

 

4,090

 

3,635

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

 

4,500

 

4,919

Illinois State General Obligation Bonds, Series 2018

 

 

 

 

4.625% due 05/01/2037

 

6,175

 

6,213

5.000% due 05/01/2041

 

3,000

 

3,040

Illinois State General Obligation Bonds, Series 2024
5.250% due 05/01/2048

 

3,750

 

3,830

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

 

2,400

 

2,502

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

 

12,500

 

12,537

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

 

10,000

 

2,733

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

 

 

 

 

0.000% due 06/15/2036 (c)

 

1,000

 

663

0.000% due 12/15/2036 (c)

 

1,750

 

1,131

0.000% due 06/15/2037 (c)

 

1,000

 

629

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

 

15,400

 

15,944

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

 

2,750

 

2,371

 

 

 

 

110,290

INDIANA 2.7%

 

 

 

 

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

 

5,650

 

5,798

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

 

6,115

 

306

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

 

9,500

 

10,532

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

 

2,000

 

1,824

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

 

2,080

 

1,983

Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023
6.000% due 03/01/2053

 

4,500

 

4,633

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

 

2,080

 

1,989

 

 

 

 

27,065

IOWA 2.7%

 

 

 

 

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

 

21,200

 

23,893

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

 

3,575

 

3,020

 

 

 

 

26,913

KANSAS 0.0%

 

 

 

 

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

 

639

 

57

KENTUCKY 1.1%

 

 

 

 

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

 

1,220

 

1,220

Kentucky Public Energy Authority Revenue Notes, Series 2025
5.000% due 05/01/2036

 

7,000

 

7,373

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

 

2,500

 

2,584

 

 

 

 

11,177

LOUISIANA 4.2%

 

 

 

 

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

 

15,000

 

14,151

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

 

 

 

 

5.000% due 07/01/2041

 

1,100

 

1,185

5.000% due 07/01/2042

 

1,100

 

1,178

5.000% due 07/01/2043

 

1,000

 

1,064

5.000% due 07/01/2044

 

750

 

793

5.000% due 07/01/2045

 

375

 

393

Louisiana Public Facilities Authority Revenue Bonds, Series 2017

 

 

 

 

5.000% due 05/15/2042

 

7,750

 

7,801

5.000% due 05/15/2046

 

5,000

 

5,010

Parish of St James, Louisiana Revenue Bonds, Series 2010

 

 

 

 

6.350% due 07/01/2040

 

2,600

 

2,813

6.350% due 10/01/2040

 

2,800

 

3,030

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

March 31, 2026 (Unaudited)

 

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

 

4,290

 

4,300

 

 

 

 

41,718

MAINE 0.2%

 

 

 

 

Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020
4.000% due 07/01/2045

 

2,000

 

1,846

MARYLAND 0.2%

 

 

 

 

Maryland Economic Development Corp. Revenue Bonds, Series 2020

 

 

 

 

4.000% due 07/01/2040

 

1,000

 

933

4.250% due 07/01/2050

 

1,400

 

1,208

 

 

 

 

2,141

MASSACHUSETTS 0.7%

 

 

 

 

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

 

2,000

 

2,003

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

 

673

 

0

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

 

4,500

 

4,354

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

 

525

 

525

 

 

 

 

6,882

MICHIGAN 2.9%

 

 

 

 

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

 

2,500

 

2,512

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

 

9,700

 

9,767

Michigan Finance Authority Revenue Bonds, Series 2019
4.000% due 02/15/2050

 

7,500

 

6,384

Michigan Finance Authority Revenue Bonds, Series 2020

 

 

 

 

4.800% due 09/01/2040

 

185

 

150

5.000% due 09/01/2050

 

300

 

219

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

 

100

 

93

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

 

3,840

 

3,840

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

 

52,500

 

1,155

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

 

5,000

 

4,865

 

 

 

 

28,985

MINNESOTA 1.2%

 

 

 

 

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

 

1,590

 

1,545

Rochester, Minnesota Revenue Bonds, Series 2025
2.300% due 11/15/2064

 

5,975

 

5,975

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

 

4,000

 

4,022

 

 

 

 

11,542

MISSISSIPPI 0.4%

 

 

 

 

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

 

3,750

 

3,836

MISSOURI 2.1%

 

 

 

 

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

 

3,000

 

2,676

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

 

 

 

 

4.000% due 02/15/2037

 

510

 

511

4.000% due 02/15/2039

 

600

 

585

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

 

5,100

 

5,404

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

 

7,710

 

7,591

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

 

4,000

 

4,107

 

 

 

 

20,874

MONTANA 0.3%

 

 

 

 

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

 

2,650

 

2,758

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

March 31, 2026 (Unaudited)

 

MULTI-STATE 3.4%

 

 

 

 

FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025

 

 

 

 

4.534% due 11/25/2042

 

10,423

 

10,665

4.869% due 01/25/2043

 

5,666

 

5,903

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

 

5,831

 

5,783

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024
4.291% due 04/25/2042 ~

 

11,112

 

11,653

 

 

 

 

34,004

NEVADA 0.5%

 

 

 

 

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

 

45,500

 

5,274

NEW HAMPSHIRE 2.6%

 

 

 

 

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

 

10,597

 

10,635

New Hampshire Business Finance Authority Revenue Bonds, Series 2025

 

 

 

 

3.824% due 11/20/2042

 

4,273

 

4,106

3.922% due 01/20/2041 ~

 

2,576

 

2,496

4.794% due 02/20/2041

 

3,690

 

3,780

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

 

5,000

 

5,010

 

 

 

 

26,027

NEW JERSEY 1.8%

 

 

 

 

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

 

143

 

129

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

 

2,050

 

2,057

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

 

1,500

 

1,561

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

 

5,000

 

5,167

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

 

1,000

 

987

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

 

 

 

 

5.000% due 06/01/2031

 

2,200

 

2,279

5.000% due 06/01/2046

 

6,315

 

6,150

 

 

 

 

18,330

NEW YORK 19.8%

 

 

 

 

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

 

4,000

 

3,956

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

 

4,800

 

4,696

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

 

2,000

 

2,027

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

 

4,402

 

62

New York City Transitional Finance Authority Future Tax Secured
5.000% due 02/01/2047 (e)

XXX

9,420

 

9,800

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2015
2.700% due 02/01/2045

$

1,000

 

1,000

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

 

2,300

 

2,339

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

 

1,110

 

1,087

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

 

9,375

 

8,902

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

 

9,250

 

9,916

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2024
5.000% due 05/01/2047

 

3,500

 

3,630

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026
5.000% due 02/01/2046 (e)

 

11,000

 

11,525

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

 

2,800

 

2,860

New York Liberty Development Corp. Revenue Bonds, Series 2005

 

 

 

 

5.250% due 10/01/2035 (e)

 

21,505

 

24,455

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

 

4,700

 

5,466

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

 

9,250

 

9,250

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

 

7,160

 

5,279

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

 

6,000

 

5,335

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

 

2,000

 

2,007

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

March 31, 2026 (Unaudited)

 

New York State Dormitory Authority Revenue Bonds, Series 2025
5.250% due 03/15/2050 (e)

 

17,015

 

17,966

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

 

8,150

 

7,996

New York State Thruway Authority Revenue Bonds, Series 2021

 

 

 

 

4.000% due 03/15/2040

 

1,500

 

1,466

4.000% due 03/15/2047

 

9,375

 

8,528

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

 

4,100

 

3,834

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

 

12,250

 

11,293

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

 

6,200

 

6,240

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

 

10,500

 

10,438

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

 

1,800

 

1,785

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

 

4,420

 

3,617

Triborough Bridge & Tunnel Authority
5.250% due 11/15/2050 (e)

XXX

9,750

 

10,309

 

 

 

 

197,064

NORTH CAROLINA 1.3%

 

 

 

 

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

$

4,653

 

4,468

Inlivian, North Carolina Revenue Bonds, Series 2025
5.050% due 02/01/2043

 

2,000

 

2,089

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

 

6,500

 

6,503

 

 

 

 

13,060

NORTH DAKOTA 0.0%

 

 

 

 

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

 

3,740

 

0

OHIO 6.0%

 

 

 

 

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

 

 

 

 

0.000% due 06/01/2057 (c)

 

82,900

 

6,063

5.000% due 06/01/2055

 

13,700

 

11,063

Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025

 

 

 

 

5.000% due 01/01/2036

 

1,000

 

1,089

5.000% due 01/01/2038

 

2,200

 

2,361

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

 

16,310

 

14,278

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

 

4,500

 

4,097

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

 

5,000

 

4,534

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

 

3,450

 

3,425

Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
4.350% due 09/01/2044

 

2,200

 

2,181

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

 

10,650

 

10,563

 

 

 

 

59,654

OKLAHOMA 0.4%

 

 

 

 

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

 

3,600

 

3,551

OREGON 0.5%

 

 

 

 

Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020

 

 

 

 

4.000% due 08/15/2039

 

3,545

 

3,409

4.000% due 08/15/2050

 

1,500

 

1,276

 

 

 

 

4,685

PENNSYLVANIA 3.5%

 

 

 

 

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

 

3,000

 

3,077

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

 

1,750

 

1,681

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

 

13,000

 

13,475

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

 

3,000

 

3,051

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

 

9,000

 

9,003

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

March 31, 2026 (Unaudited)

 

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

 

5,000

 

5,009

 

 

 

 

35,296

PUERTO RICO 6.8%

 

 

 

 

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

 

122,000

 

5,065

Commonwealth of Puerto Rico Bonds, Series 2022

 

 

 

 

0.000% due 11/01/2043

 

5,571

 

3,739

0.000% due 11/01/2051

 

10,506

 

7,289

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021

 

 

 

 

0.000% due 07/01/2033 (c)

 

7,250

 

5,270

4.000% due 07/01/2041

 

6,900

 

6,393

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

 

 

 

 

0.000% due 07/01/2046 (c)

 

19,300

 

6,797

0.000% due 07/01/2051 (c)

 

76,900

 

19,711

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

 

14,660

 

13,557

 

 

 

 

67,821

RHODE ISLAND 0.9%

 

 

 

 

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

 

9,450

 

9,260

SOUTH CAROLINA 1.1%

 

 

 

 

South Carolina Public Service Authority Revenue Bonds, Series 2025

 

 

 

 

5.000% due 12/01/2048

 

3,500

 

3,596

5.250% due 12/01/2050

 

6,700

 

7,034

 

 

 

 

10,630

SOUTH DAKOTA 0.2%

 

 

 

 

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

 

2,100

 

2,079

TENNESSEE 0.2%

 

 

 

 

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

 

1,650

 

1,651

TEXAS 21.0%

 

 

 

 

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

 

1,600

 

1,497

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

 

 

 

 

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

 

2,585

 

129

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

 

4,350

 

217

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

 

5,000

 

4,602

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

 

2,000

 

2,042

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

 

2,500

 

2,333

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

 

2,931

 

146

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

 

3,850

 

3,814

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

 

2,200

 

2,192

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

 

4,000

 

4,298

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

 

4,500

 

4,839

Denton Essential Investments Public Facility Corp.
7.095% due 06/02/2059 «~

 

7,800

 

7,908

Denton, Texas Essential Investments Public Facility Corp.
6.697% due 01/01/2059 «

 

5,200

 

5,067

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

 

15,205

 

15,192

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

 

4,000

 

3,653

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

 

13,500

 

13,866

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

 

4,000

 

4,130

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

 

4,045

 

3,668

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

 

5,580

 

4,987

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025
2.900% due 12/01/2060

 

5,000

 

5,000

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

 

1,000

 

1,055

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

March 31, 2026 (Unaudited)

 

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

 

20,940

 

19,122

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

 

5,000

 

4,537

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

 

5,000

 

5,351

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

 

 

 

 

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

 

1,030

 

981

5.000% due 07/01/2051 ^(a)

 

135

 

128

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

 

 

 

 

5.000% due 11/01/2040

 

2,000

 

2,096

5.000% due 11/01/2055

 

2,450

 

2,367

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

 

3,000

 

2,829

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

 

5,300

 

4,883

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

 

10,000

 

9,423

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

 

10,000

 

10,441

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

 

 

 

 

4.250% due 04/01/2046

 

1,000

 

944

4.250% due 04/01/2049

 

1,185

 

1,068

4.250% due 04/01/2053

 

1,755

 

1,534

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

 

2,000

 

2,011

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024
2.700% due 11/15/2050

 

13,000

 

13,000

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

 

12,305

 

13,474

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

 

150

 

152

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

 

5,510

 

5,641

Texas Transportation Finance Corp. Revenue Bonds, Series 2025
5.000% due 10/01/2050 (e)

 

15,000

 

15,486

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

 

3,200

 

3,262

 

 

 

 

209,365

UTAH 2.4%

 

 

 

 

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

 

7,000

 

7,116

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

 

 

 

 

5.250% due 06/01/2041

 

1,750

 

1,935

5.250% due 06/01/2043

 

2,300

 

2,517

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

 

900

 

900

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

 

1,000

 

965

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

 

8,000

 

8,003

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

 

2,500

 

2,225

 

 

 

 

23,661

VIRGINIA 1.9%

 

 

 

 

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

 

2,210

 

2,256

Virginia Small Business Financing Authority Revenue Bonds, Series 2019

 

 

 

 

0.000% due 07/01/2061 (c)

 

99,000

 

2,820

5.000% due 07/01/2034

 

5,000

 

4,447

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

 

11,200

 

9,564

 

 

 

 

19,087

WASHINGTON 0.4%

 

 

 

 

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

 

3,210

 

3,093

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

 

825

 

680

 

 

 

 

3,773

WEST VIRGINIA 1.9%

 

 

 

 

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

 

4,000

 

4,040

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

 

9,610

 

9,342

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

March 31, 2026 (Unaudited)

 

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

 

4,900

 

5,327

 

 

 

 

18,709

WISCONSIN 4.3%

 

 

 

 

Public Finance Authority, Wisconsin Revenue Bonds, Series 2017

 

 

 

 

6.750% due 08/01/2031

 

1,000

 

700

7.000% due 01/01/2050

 

9,500

 

9,999

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

 

9,500

 

4,275

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021

 

 

 

 

0.000% due 01/01/2061 (c)

 

32,090

 

2,559

4.000% due 09/30/2051

 

2,960

 

2,440

4.000% due 03/31/2056

 

2,000

 

1,601

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

 

2,000

 

2,003

Public Finance Authority, Wisconsin Revenue Bonds, Series 2025

 

 

 

 

5.000% due 11/15/2035

 

500

 

541

5.000% due 11/15/2036

 

500

 

538

5.000% due 11/15/2037

 

500

 

535

5.000% due 11/15/2038

 

600

 

637

5.250% due 11/15/2050

 

2,500

 

2,528

Public Finance Authority, Wisconsin Revenue Bonds,(BAM Insured), Series 2025
5.250% due 07/01/2065

 

15,000

 

15,008

 

 

 

 

43,364

Total Municipal Bonds & Notes (Cost $1,547,787)

 

 

 

1,514,409

U.S. GOVERNMENT AGENCIES 4.7%

 

 

 

 

Federal Home Loan Mortgage Corp.

 

 

 

 

3.800% due 01/01/2040

 

19,589

 

18,690

3.850% due 01/01/2040

 

11,300

 

10,783

4.900% due 02/01/2040

 

1,968

 

2,071

Federal Home Loan Mortgage Corp. Multifamily ML Certificates

 

 

 

 

2.951% due 12/25/2038 - 01/25/2039 ~

 

14,082

 

11,227

3.198% due 01/25/2043 ~

 

2,600

 

1,736

4.979% due 01/25/2042 ~

 

2,400

 

1,943

Total U.S. Government Agencies (Cost $46,770)

 

 

 

46,450

NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%

 

 

 

 

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

 

1,395

 

1,462

Total Non-Agency Mortgage-Backed Securities (Cost $1,395)

 

 

 

1,462

 

 

SHARES

 

 

COMMON STOCKS 0.0%

 

 

 

 

INDUSTRIALS 0.0%

 

 

 

 

AM Bidco Holdings LLC (b)

 

247

 

0

Total Common Stocks (Cost $0)

 

 

 

0

Total Investments in Securities (Cost $1,737,842)

 

 

 

1,704,212

Total Investments 171.1% (Cost $1,737,842)

 

 

$

1,704,212

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (61.3)%

 

 

 

(610,800)

Other Assets and Liabilities, net (9.8)%

 

 

 

(97,139)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

996,273

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

March 31, 2026 (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.

(a)

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

(b)

Security did not produce income within the last twelve months.

(c)

Zero coupon security.

(d)

Security becomes interest bearing at a future date.

(e)

Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.

(f)

RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets

AM Bidco Operations LLC

0.000

%

10/21/2027

10/21/2025 - 04/01/2026

$

5,351

$

5,109

0.51

%

Ammons AT Asheville Highway

4.200

 

10/01/2041

01/09/2025

 

8,715

 

8,915

0.90

 

Bellwood Senior Housing

4.280

 

10/01/2040

05/01/2025

 

2,581

 

2,567

0.26

 

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

3.870

 

11/15/2035

10/26/2020

 

162

 

129

0.01

 

 

 

 

 

$

16,809

$

16,720

1.68%  

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 03/31/2026

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

0

$

141,891

$

141,891

 

Municipal Bonds & Notes

 

Alabama

 

0

 

42,393

 

0

 

42,393

 

 

Alaska

 

0

 

6,832

 

0

 

6,832

 

 

Arizona

 

0

 

88,383

 

0

 

88,383

 

 

Arkansas

 

0

 

9,307

 

0

 

9,307

 

 

California

 

0

 

33,154

 

0

 

33,154

 

 

Colorado

 

0

 

63,619

 

0

 

63,619

 

 

Connecticut

 

0

 

21,146

 

0

 

21,146

 

 

District of Columbia

 

0

 

7,849

 

0

 

7,849

 

 

Florida

 

0

 

72,268

 

0

 

72,268

 

 

Georgia

 

0

 

67,029

 

0

 

67,029

 

 

Illinois

 

0

 

110,290

 

0

 

110,290

 

 

Indiana

 

0

 

27,065

 

0

 

27,065

 

 

Iowa

 

0

 

26,913

 

0

 

26,913

 

 

Kansas

 

0

 

57

 

0

 

57

 

 

Kentucky

 

0

 

11,177

 

0

 

11,177

 

 

Louisiana

 

0

 

41,718

 

0

 

41,718

 

 

Maine

 

0

 

1,846

 

0

 

1,846

 

 

Maryland

 

0

 

2,141

 

0

 

2,141

 

 

Massachusetts

 

0

 

6,882

 

0

 

6,882

 

 

Michigan

 

0

 

28,985

 

0

 

28,985

 

 

Minnesota

 

0

 

11,542

 

0

 

11,542

 

 

Mississippi

 

0

 

3,836

 

0

 

3,836

 

 

Missouri

 

0

 

20,874

 

0

 

20,874

 

 

Montana

 

0

 

2,758

 

0

 

2,758

 

 

Multi-State

 

0

 

34,004

 

0

 

34,004

 

 

Nevada

 

0

 

5,274

 

0

 

5,274

 

 

New Hampshire

 

0

 

26,027

 

0

 

26,027

 

 

New Jersey

 

0

 

18,330

 

0

 

18,330

 

 

New York

 

0

 

197,002

 

62

 

197,064

 

 

North Carolina

 

0

 

13,060

 

0

 

13,060

 

 

Ohio

 

0

 

59,654

 

0

 

59,654

 

 

Oklahoma

 

0

 

3,551

 

0

 

3,551

 

 

Oregon

 

0

 

4,685

 

0

 

4,685

 

 

Pennsylvania

 

0

 

35,296

 

0

 

35,296

 

 

Puerto Rico

 

0

 

67,821

 

0

 

67,821

 

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

March 31, 2026 (Unaudited)

 

 

Rhode Island

 

0

 

9,260

 

0

 

9,260

 

 

South Carolina

 

0

 

10,630

 

0

 

10,630

 

 

South Dakota

 

0

 

2,079

 

0

 

2,079

 

 

Tennessee

 

0

 

1,651

 

0

 

1,651

 

 

Texas

 

0

 

196,390

 

12,975

 

209,365

 

 

Utah

 

0

 

23,661

 

0

 

23,661

 

 

Virginia

 

0

 

19,087

 

0

 

19,087

 

 

Washington

 

0

 

3,773

 

0

 

3,773

 

 

West Virginia

 

0

 

18,709

 

0

 

18,709

 

 

Wisconsin

 

0

 

43,364

 

0

 

43,364

 

U.S. Government Agencies

 

0

 

46,450

 

0

 

46,450

 

Non-Agency Mortgage-Backed Securities

 

0

 

1,462

 

0

 

1,462

 

Total Investments

$

0

$

1,549,284

$

154,928

$

1,704,212

 

 

 

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:

Category and Subcategory

Beginning
Balance
at 12/31/2025

Net
Purchases

Net
Sales/Settlements

Accrued
Discounts/
(Premiums)

Realized
Gain/(Loss)

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

Transfers into
Level 3

Transfers out
of Level 3

Ending
Balance
at 03/31/2026

Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
03/31/2026 (1)

Investments in Securities, at Value

Loan Participations and Assignments

$

130,355

$

11,884

$

(34)

$

153

$

3

$

(470)

$

0

$

0

$

141,891

$

(223)

Municipal Bonds & Notes(2)

 

New York

 

58

 

0

 

0

 

0

 

0

 

4

 

0

 

0

 

62

 

4

 

Texas

 

13,111

 

0

 

0

 

0

 

0

 

(136)

 

0

 

0

 

12,975

 

(133)

Totals

$

143,524

$

11,884

$

(34)

$

153

$

3

$

(602)

$

0

$

0

$

154,928

$

(352)


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 03/31/2026

Valuation Technique

Unobservable Inputs

 

Input Value(s)

Weighted Average

Investments in Securities, at Value

Loan Participations and Assignments

$

5,109

Comparable Companies

Revenue Multiple

X

1.800

—

 

 

136,782

Discounted Cash Flow

Discount Rate

 

5.370 – 9.960

6.597

Municipal Bonds & Notes

 

New York

 

62

Expected Recovery

Recovery Rate

 

25.000

—

 

Texas

 

12,975

Discounted Cash Flow

Discount Rate

 

6.640 – 7.040

6.796

Total

$

154,928

(1)

Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end.

(2)

Security type updated from Loan Participations and Assignments to Municipal Bonds & Notes since prior fiscal year end.

 

Notes to Financial Statements

 

1. BASIS FOR CONSOLIDATION

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

 

Subsidiary

 

Date of Formation

Subsidiary % of Consolidated Fund Net Assets†

1800 SPV I LLC

 

06/29/2023

0.9%

1860 SPV I LLC

 

06/29/2023

3.8%

1830 SPV I LLC

 

06/29/2023

1.2%

 

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

 

2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

Notes to Financial Statements(Cont.)

 

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

 

(c) Valuation Techniques and the Fair Value Hierarchy

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

 

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

 

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

 

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

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


The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the marketderived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

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

 

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

 

3. FEDERAL INCOME TAX MATTERS

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

 

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

 

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of March 31, 2026, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

 

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

 

 

 

 

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