NPORT-EX 1 municipalincomefundiii.htm PIMCO MUNICIPAL INCOME FUND III

Schedule of Investments  PIMCO Municipal Income Fund III March 31, 2019 (Unaudited)

 

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

 

   PRINCIPAL
AMOUNT
(000s)
   MARKET
VALUE
(000s)
 
INVESTMENTS IN SECURITIES 185.6% ¤          
           
MUNICIPAL BONDS & NOTES 185.2%          
           
ALABAMA 7.8%          
           
Alabama Special Care Facilities Financing Authority-Birmingham, Alabama Revenue Bonds, (AGC Insured), Series 2009          
6.000% due 06/01/2039  $500   $504 
Alabama State Docks Department Revenue Bonds, Series 2010          
6.000% due 10/01/2040   1,000    1,067 
Jefferson County, Alabama Sewer Revenue Bonds, Series 2013          
0.000% due 10/01/2050 (c)   19,000    17,429 
6.500% due 10/01/2053   7,500    8,876 
         27,876 
           
ARIZONA 4.3%          
           
Pima County, Arizona Industrial Development Authority Revenue Bonds, Series 2010          
5.250% due 10/01/2040   750    783 
Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007          
5.000% due 12/01/2037   11,600    14,520 
         15,303 
           
CALIFORNIA 18.9%          
           
Bay Area Toll Authority, California Revenue Bonds, Series 2010          
5.000% due 10/01/2029   1,500    1,582 
5.000% due 10/01/2042   3,260    3,439 
Bay Area Toll Authority, California Revenue Bonds, Series 2013          
5.250% due 04/01/2053   12,000    13,820 
California Health Facilities Financing Authority Revenue Bonds, Series 2009          
6.000% due 07/01/2039   2,500    2,528 
California Health Facilities Financing Authority Revenue Bonds, Series 2011          
6.000% due 08/15/2042   1,500    1,594 
California Health Facilities Financing Authority Revenue Bonds, Series 2013          
5.000% due 08/15/2052   2,015    2,208 
California Municipal Finance Authority Revenue Bonds, Series 2011          
7.750% due 04/01/2031   1,180    1,304 
California State General Obligation Bonds, Series 2009          
5.750% due 04/01/2031   2,500    2,502 
6.000% due 04/01/2038   5,000    5,002 
California State General Obligation Bonds, Series 2010          
5.250% due 11/01/2040   1,300    1,364 
5.500% due 03/01/2040   3,200    3,299 
California Statewide Communities Development Authority Revenue Bonds, (FHA Insured), Series 2009          
6.625% due 08/01/2029   2,580    2,624 
6.750% due 02/01/2038   9,200    9,361 
California Statewide Communities Development Authority Revenue Bonds, Series 2010          
6.250% due 10/01/2039   1,000    1,022 
California Statewide Communities Development Authority Revenue Bonds, Series 2011          
5.000% due 12/01/2041   3,000    3,227 
M-S-R Energy Authority, California Revenue Bonds, Series 2009          
6.500% due 11/01/2039   2,000    2,904 
Morongo Band of Mission Indians, California Revenue Bonds, Series 2018          
5.000% due 10/01/2042   750    817 
Palomar Health, California Certificates of Participation Bonds, Series 2009          
6.750% due 11/01/2039   1,250    1,288 
San Marcos Unified School District, California General Obligation Bonds, Series 2011          
5.000% due 08/01/2038   1,600    1,737 
Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2006          
5.000% due 06/01/2037   6,200    6,201 
         67,823 
COLORADO 1.7%          
           
Board of Governors of Colorado State University System Revenue Bonds, Series 2017          
4.000% due 03/01/2038 (d)   1,500    1,618 
Colorado Health Facilities Authority Revenue Bonds, Series 2010          
5.000% due 01/01/2040   2,000    2,042 
Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018          
4.000% due 03/15/2043   1,250    1,321 
Public Authority for Colorado Energy Revenue Bonds, Series 2008          
6.500% due 11/15/2038   500    729 
Regional Transportation District, Colorado Revenue Bonds, Series 2010          
6.000% due 01/15/2034   500    515 

 

 

 

 

Schedule of Investments  PIMCO Municipal Income Fund III  (Cont.) March 31, 2019 (Unaudited)

 

         6,225 
           
CONNECTICUT 0.4%          
           
Harbor Point Infrastructure Improvement District, Connecticut Tax Allocation Bonds, Series 2010          
7.875% due 04/01/2039   1,250    1,328 
           
DISTRICT OF COLUMBIA 0.7%          
           
District of Columbia Revenue Bonds, (NPFGC Insured), Series 2002          
6.750% due 08/01/2037   2,500    2,500 
           
FLORIDA 9.7%          
           
Broward County, Florida Airport System Revenue Bonds, Series 2009          
5.375% due 10/01/2029   500    510 
Cape Coral, Florida Water & Sewer Revenue Bonds, (AGM Insured), Series 2011          
5.000% due 10/01/2041   3,000    3,258 
Florida Development Finance Corp. Revenue Notes, Series 2011          
6.500% due 06/15/2021   175    181 
Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2010          
6.671% due 10/01/2039 (e)   5,000    5,475 
Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2018          
4.000% due 04/01/2053   4,000    4,148 
Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018          
4.000% due 07/01/2044   1,000    1,069 
Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019          
5.000% due 10/01/2043 (d)   12,000    14,152 
Putnam County Development Authority, Florida Revenue Bonds, Series 2018          
5.000% due 03/15/2042   2,000    2,298 
South Miami Health Facilities Authority, Florida Revenue Bonds, Series 2017          
4.000% due 08/15/2047 (d)   3,750    3,881 
         34,972 
           
GEORGIA 5.5%          
           
Atlanta Development Authority, Georgia Revenue Bonds, Series 2017          
6.750% due 01/01/2035   3,600    3,645 
Fayette County, Georgia Hospital Authority Revenue Bonds, Series 2016          
5.000% due 07/01/2046 (d)   3,000    3,370 
Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2019          
5.000% due 05/15/2043   2,000    2,233 
Municipal Electric Authority of Georgia Revenue Bonds, Series 2015          
5.000% due 07/01/2060   10,000    10,355 
         19,603 
           
HAWAII 0.4%          
           
Hawaii Pacific Health Revenue Bonds, Series 2010          
5.500% due 07/01/2040   1,500    1,574 
           
ILLINOIS 15.0%          
           
Chicago Board of Education, Illinois General Obligation Bonds, Series 2012          
5.000% due 12/01/2042   4,000    4,107 
Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018          
5.000% due 01/01/2048   3,500    4,050 
Chicago, Illinois General Obligation Bonds, Series 2007          
5.500% due 01/01/2035   400    438 
5.500% due 01/01/2042   1,000    1,080 
Chicago, Illinois General Obligation Bonds, Series 2015          
5.375% due 01/01/2029   7,200    7,924 
5.500% due 01/01/2034   2,665    2,923 
Chicago, Illinois General Obligation Bonds, Series 2017          
6.000% due 01/01/2038   3,000    3,427 
Chicago, Illinois Revenue Bonds, Series 2002          
5.000% due 01/01/2027   1,750    2,062 
Chicago, Illinois Waterworks Revenue Bonds, Series 2012          
4.000% due 11/01/2037   3,750    3,799 
Illinois Finance Authority Revenue Bonds, Series 2007          
5.875% due 03/01/2027 ^(a)   1,000    222 
6.000% due 03/01/2037 ^(a)   625    139 
Illinois Finance Authority Revenue Bonds, Series 2009          
7.125% due 11/15/2037   400    403 
Illinois Finance Authority Revenue Bonds, Series 2010          
6.000% due 08/15/2038   1,000    1,038 
Illinois Finance Authority Revenue Bonds, Series 2013          
4.000% due 08/15/2042 (d)   3,000    3,086 
Illinois Finance Authority Revenue Bonds, Series 2017          
5.250% due 12/01/2052   1,250    636 
Illinois State General Obligation Bonds, Series 2018          
4.625% due 05/01/2037   2,000    2,055 
5.000% due 05/01/2041   1,500    1,593 
Illinois State General Obligation Notes, Series 2017          
5.000% due 11/01/2027   7,000    7,770 
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM Insured), Series 2010          
0.000% due 06/15/2045 (b)   6,500    2,197 

 

 

 

 

Schedule of Investments  PIMCO Municipal Income Fund III  (Cont.) March 31, 2019 (Unaudited)

 

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2012        
0.000% due 12/15/2051 (b)   2,500    563 
Regional Transportation Authority, Illinois Revenue Bonds, Series 2018          
5.000% due 06/01/2038 (d)   3,900    4,501 
         54,013 
           
INDIANA 1.2%          
           
Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006          
4.000% due 11/15/2046   2,500    2,606 
Vigo County, Indiana Hospital Authority Revenue Bonds, Series 2011          
7.500% due 09/01/2022   1,660    1,799 
         4,405 
           
IOWA 0.2%          
           
Iowa Finance Authority Revenue Bonds, Series 2014          
2.000% due 05/15/2056 ^   76    1 
5.400% due 11/15/2046 ^   397    423 
Iowa Tobacco Settlement Authority Revenue Bonds, Series 2005          
5.600% due 06/01/2034   350    352 
         776 
           
KANSAS 0.6%          
           
University of Kansas Hospital Authority Revenue Bonds, Series 2015          
4.000% due 09/01/2040 (d)   2,000    2,091 
         2,091 
           
KENTUCKY 0.6%          
           
Kentucky Economic Development Finance Authority Revenue Bonds, Series 2010          
6.375% due 06/01/2040   2,000    2,111 
           
LOUISIANA 3.9%          
           
Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017          
4.000% due 05/01/2045 (d)   4,000    4,226 
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds, Series 2010          
5.875% due 10/01/2040   1,500    1,597 
6.000% due 10/01/2044   1,000    1,066 
6.500% due 11/01/2035   400    426 
Louisiana Public Facilities Authority Revenue Bonds, Series 2011          
6.500% due 05/15/2037   2,000    2,204 
Louisiana Public Facilities Authority Revenue Bonds, Series 2017          
5.000% due 05/15/2042   4,000    4,496 
         14,015 
           
MARYLAND 1.9%          
           
Baltimore County, Maryland General Obligation Bonds, Series 2018          
4.000% due 03/01/2045 (d)   3,600    3,880 
Maryland Economic Development Corp. Revenue Bonds, Series 2010          
5.750% due 06/01/2035   1,000    1,049 
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2010          
6.250% due 01/01/2041   700    756 
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2011          
6.000% due 07/01/2041   1,000    1,096 
         6,781 
MASSACHUSETTS 8.8%          
           
Commonwealth of Massachusettes General Obligation Bonds, Series 2018          
4.000% due 05/01/2037 (d)   4,000    4,334 
Commonwealth of Massachusetts General Obligation Bonds, Series 2018          
4.000% due 05/01/2040   1,000    1,075 
Massachusetts Development Finance Agency Revenue Bonds, Series 2010          
7.625% due 10/15/2037   275    280 
Massachusetts Development Finance Agency Revenue Bonds, Series 2011          
5.500% due 11/15/2056 (b)(f)   140    37 
Massachusetts Development Finance Agency Revenue Bonds, Series 2016          
4.000% due 10/01/2046 (d)   2,500    2,625 
5.000% due 01/01/2047   1,000    1,109 
Massachusetts Housing Finance Agency Revenue Bonds, Series 2003          
5.125% due 06/01/2043   525    527 
Massachusetts School Building Authority Revenue Bonds, Series 2012          
5.250% due 02/15/2048 (d)   3,000    3,579 
Massachusetts State College Building Authority Revenue Bonds, Series 2009          
5.500% due 05/01/2039   1,600    1,605 

 

 

 

 

Schedule of Investments  PIMCO Municipal Income Fund III  (Cont.) March 31, 2019 (Unaudited)

 

University of Massachusetts Building Authority, Revenue Bonds, Series 2013        
4.000% due 11/01/2043 (d)   15,745    16,284 
         31,455 
           
MICHIGAN 3.8%          
           
Michigan Finance Authority Revenue Bonds, Series 2017          
4.000% due 12/01/2036 (d)   3,000    3,231 
4.000% due 12/01/2040 (d)   500    533 
5.000% due 12/01/2031 (d)   1,200    1,428 
5.000% due 12/01/2046 (d)   2,500    2,843 
Michigan State Hospital Finance Authority Revenue Bonds, Series 2016          
4.000% due 11/15/2047 (d)   5,000    5,208 
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008          
0.000% due 06/01/2058 (b)   12,500    360 
         13,603 
           
MINNESOTA 0.5%          
           
Rochester, Minnesota Revenue Bonds, Series 2018          
4.000% due 11/15/2048   1,750    1,863 
           
MISSOURI 0.2%          
           
Jennings, Missouri Revenue Bonds, Series 2006          
5.000% due 11/01/2023   210    188 
Manchester, Missouri Tax Allocation Bonds, Series 2010          
6.875% due 11/01/2039   500    503 
         691 
           
NEBRASKA 3.5%          
           
Central Plains Energy Project, Nebraska Revenue Bonds, Series 2017          
5.000% due 09/01/2042   5,500    6,724 
Omaha Public Power District, Nebraska Revenue Bonds, Series 2012          
4.000% due 02/01/2046 (d)   5,500    5,664 
         12,388 
           
NEVADA 1.6%          
           
Clark County, Nevada General Obligation Bonds, Series 2018          
4.000% due 07/01/2044 (d)   4,545    4,784 
Reno, Nevada Revenue Bonds, Series 2018          
0.010% due 07/01/2058 (b)   11,000    911 
         5,695 
           
NEW HAMPSHIRE 0.6%          
           
New Hampshire Business Finance Authority Revenue Bonds, Series 2009          
6.125% due 10/01/2039   2,000    2,045 
           
NEW JERSEY 8.8%          
           
New Jersey Economic Development Authority Revenue Bonds, Series 2016          
5.000% due 06/15/2041   5,000    5,398 
New Jersey Economic Development Authority Special Assessment Bonds, Series 2002          
6.500% due 04/01/2028   4,500    5,241 
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013          
5.500% due 07/01/2043   2,000    2,251 
New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006          
0.000% due 12/15/2034 (b)   3,200    1,814 
New Jersey Turnpike Authority Revenue Bonds, Series 2019          
4.000% due 01/01/2048   3,000    3,187 
South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017          
5.000% due 01/01/2049   900    997 
Tobacco Settlement Financing Corp, New Jersey Revenue Bonds, Series 2018          
5.250% due 06/01/2046   2,000    2,221 
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018          
5.000% due 06/01/2029   1,200    1,420 
5.000% due 06/01/2046   8,500    9,028 
         31,557 
NEW MEXICO 0.3%          
           
Farmington, New Mexico Revenue Bonds, Series 2010          
5.900% due 06/01/2040   1,000    1,042 
           
NEW YORK 22.3%          
           
Brooklyn Arena Local Development Corp., New York Revenue Bonds, Series 2009          
6.250% due 07/15/2040   9,800    10,171 
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2011          
5.750% due 02/15/2047   5,000    5,383 
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2011          
5.000% due 11/15/2036   3,000    3,277 

 

 

 

 

Schedule of Investments  PIMCO Municipal Income Fund III  (Cont.) March 31, 2019 (Unaudited)

 

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2017        
4.000% due 11/15/2042 (d)   5,500    5,800 
Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2014          
2.000% due 01/01/2049 ^(a)   311    51 
6.700% due 01/01/2049   863    869 
New York City Industrial Development Agency, New York Revenue Bonds, (AGC Insured), Series 2009          
7.000% due 03/01/2049   10,450    10,499 
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2017          
4.000% due 08/01/2042 (d)   2,000    2,139 
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2018          
4.000% due 05/01/2043 (d)   9,000    9,665 
New York City, New York Water & Sewer System Revenue Bonds, Series 2017          
5.000% due 06/15/2048 (d)   7,500    8,704 
New York Liberty Development Corp. Revenue Bonds, Series 2007          
5.500% due 10/01/2037   1,700    2,237 
New York Liberty Development Corp., Revenue Bonds, Series 2011          
5.000% due 11/15/2044   11,000    11,764 
New York Liberty Development Corp., Revenue Bonds, Series 2014          
5.000% due 11/15/2044   1,000    1,067 
New York State Dormitory Authority Revenue Bonds, Series 2017          
4.000% due 02/15/2047 (d)   1,000    1,065 
New York State Urban Development Corp., Revenue Bonds, Series 2017          
4.000% due 03/15/2046 (d)   7,000    7,491 
         80,182 
           
NORTH CAROLINA 2.5%          
           
New Hanover County, North Carolina Revenue Bonds, Series 2011          
5.000% due 10/01/2028   6,000    6,442 
University of North Carolina Hospitals at Chapel Hill Revenue Bonds, Series 2016          
4.000% due 02/01/2046   2,500    2,601 
         9,043 
           
OHIO 17.5%          
           
Allen County, Ohio Revenue Bonds, Series 2010          
5.000% due 06/01/2038   500    519 
American Municipal Power, Inc., Ohio Revenue Bonds, Series 2017          
4.000% due 02/15/2042   1,000    1,044 
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2007          
5.125% due 06/01/2024   955    912 
5.875% due 06/01/2047   8,400    8,213 
6.250% due 06/01/2037   5,000    5,018 
6.500% due 06/01/2047   30,350    30,420 
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017          
4.000% due 02/15/2047 (d)   9,310    9,728 
Hamilton County, Ohio Revenue Bonds, Series 2012          
5.000% due 06/01/2042   1,500    1,590 
Ohio State Turnpike Commission Revenue Bonds, Series 2013          
5.000% due 02/15/2048   5,000    5,444 
         62,888 
           
OKLAHOMA 0.5%          
           
Oklahoma Development Finance Authority Revenue Bonds, Series 2018          
5.500% due 08/15/2057   1,600    1,834 
           
PENNSYLVANIA 7.0%          
           
Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2009          
5.625% due 08/15/2039   1,000    1,013 
Berks County, Pennsylvania Municipal Authority Revenue Bonds, Series 2012          
5.000% due 11/01/2044   6,600    6,976 
Dauphin County, Pennsylvania General Authority Revenue Bonds, Series 2009          
6.000% due 06/01/2036   1,000    1,007 
Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2009          
5.500% due 12/01/2039   100    102 
Pennsylvania State University Revenue Bonds, Series 2018          
5.000% due 09/01/2043 (d)   5,000    5,944 
Pennsylvania Turnpike Commission Revenue Bonds, Series 2009          
5.125% due 12/01/2040   3,000    3,071 
Pennsylvania Turnpike Commission Revenue Bonds, Series 2013          
5.000% due 12/01/2043   5,000    5,436 
Philadelphia Hospitals & Higher Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2012          
5.625% due 07/01/2042   1,645    1,763 
         25,312 
PUERTO RICO 2.8%          
           
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018          
0.010% due 07/01/2046 (b)   7,624    1,649 
4.750% due 07/01/2053   2,532    2,407 
5.000% due 07/01/2058   4,460    4,418 

 

 

 

 

Schedule of Investments  PIMCO Municipal Income Fund III  (Cont.) March 31, 2019 (Unaudited)

 

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019        
0.010% due 08/01/2042 (b)   1,700    1,492 
         9,966 
           
SOUTH CAROLINA 2.6%          
           
Greenwood County, South Carolina Revenue Bonds, Series 2009          
5.375% due 10/01/2039   1,000    1,019 
South Carolina Ports Authority Revenue Bonds, Series 2010          
5.250% due 07/01/2040   800    837 
South Carolina State Public Service Authority Revenue Bonds, Series 2013          
5.125% due 12/01/2043   5,000    5,428 
5.500% due 12/01/2053   1,750    1,920 
         9,204 
           
TENNESSEE 1.3%          
           
Bristol Industrial Development Board, Tennessee Revenue Bonds, Series 2016          
5.125% due 12/01/2042   2,500    2,518 
Claiborne County, Tennessee Industrial Development Board Revenue Bonds, Series 2009          
6.625% due 10/01/2039   1,250    1,273 
Johnson City Health & Educational Facilities Board, Tennessee Revenue Bonds, Series 2010          
6.000% due 07/01/2038   1,000    1,054 
         4,845 
           
TEXAS 15.7%          
           
Bexar County Texas Hospital District, General Obligation Bonds, Series 2018          
4.000% due 02/15/2043   2,500    2,629 
Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018          
6.125% due 08/15/2048   1,000    1,061 
Dallas, Texas Civic Center Revenue Bonds, (AGC Insured), Series 2009          
5.250% due 08/15/2038   1,300    1,315 
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2013          
5.000% due 04/01/2053   4,500    4,873 
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2018          
5.000% due 10/01/2048 (d)   4,000    4,689 
Houston Community College System, Texas General Obligation Bonds, Series 2013          
4.000% due 02/15/2043 (d)   5,000    5,121 
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017          
4.000% due 08/15/2034 (d)   300    323 
4.000% due 08/15/2035 (d)   800    860 
4.000% due 08/15/2036 (d)   600    641 
4.000% due 08/15/2037 (d)   900    957 
4.000% due 08/15/2040 (d)   900    938 
North Texas Tollway Authority Revenue Bonds, Series 2011          
5.000% due 01/01/2038   3,000    3,145 
5.500% due 09/01/2041   600    655 
North Texas Tollway Authority Revenue Bonds, Series 2017          
4.000% due 01/01/2043   1,500    1,570 
5.000% due 01/01/2048   1,250    1,422 
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017          
6.750% due 11/15/2047   500    563 
Tender Option Bond Trust Receipts/Certificates, Texas General Obligation Bonds, Series 2009          
6.630% due 08/01/2039 (e)   6,500    6,637 
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006          
5.250% due 12/15/2026   150    180 
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008          
6.250% due 12/15/2026   8,925    10,370 
Texas Water Development Board Revenue Bonds, Series 2018          
4.000% due 10/15/2038 (d)   5,000    5,442 
University of North Texas System Revenue Bonds, Series 2018          
4.000% due 04/15/2050   2,200    2,290 
Wise County, Texas Revenue Bonds, Series 2011          
8.000% due 08/15/2034   500    545 
         56,226 
U.S. VIRGIN ISLANDS 0.3%          
           
Virgin Islands Public Finance Authority, U.S. Virgin Islands Revenue Bonds, Series 2009          
6.750% due 10/01/2037   1,165    1,145 
           
UTAH 0.9%          
           
Utah County, Utah Revenue Bonds, Series 2018          
4.000% due 05/15/2041 (d)   3,000    3,185 
         3,185 
VIRGINIA 3.1%          
           
Fairfax County, Virginia Industrial Development Authority Revenue Bonds, Series 2009          
5.500% due 05/15/2035   1,000    1,005 
James City County, Virginia Economic Development Authority Revenue Bonds, Series 2013          
2.000% due 10/01/2048 ^(a)   201    17 
6.000% due 06/01/2043   615    607 

 

 

 

 

Schedule of Investments  PIMCO Municipal Income Fund III  (Cont.) March 31, 2019 (Unaudited)

 

University of Virginia Revenue Bonds, Series 2018        
4.000% due 08/01/2048 (d)   5,000    5,393 
Virginia Commonwealth Transportation Board Revenue Bonds, Series 2018          
4.000% due 05/15/2041 (d)   4,000    4,279 
         11,301 
           
WASHINGTON 2.3%          
           
Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018          
4.000% due 01/01/2046   4,000    4,246 
Washington Health Care Facilities Authority Revenue Bonds, Series 2010          
5.500% due 12/01/2039   500    532 
Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018          
5.000% due 07/01/2058   2,250    2,546 
Washington State Housing Finance Commission Revenue Bonds, Series 2018          
5.000% due 07/01/2038   825    860 
         8,184 
           
WEST VIRGINIA 0.7%          
           
Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017          
5.500% due 06/01/2037   1,000    1,040 
West Virginia Economic Development Authority Revenue Bonds, Series 2017          
4.000% due 06/15/2040 (d)   1,500    1,597 
         2,637 
           
WISCONSIN 4.8%          
           
Public Finance Authority, Wisconsin Revenue Bonds, Series 2017          
7.000% due 01/01/2050   2,500    3,022 
Public Finance Authority, Wisconsin Revenue Bonds, Series 2018          
6.375% due 01/01/2048   2,500    2,638 
7.000% due 07/01/2048   750    836 
University of Wisconsin Hospitals & Clinics Authority Revenue Bonds, Series 2013          
5.000% due 04/01/2038   3,500    3,812 
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2010          
5.625% due 04/15/2039   1,000    1,042 
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016          
4.000% due 11/15/2046   1,500    1,560 
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017          
4.000% due 08/15/2042 (d)   2,000    2,074 
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018          
5.000% due 04/01/2044   2,000    2,322 
         17,306 
Total Municipal Bonds & Notes (Cost $618,602)        664,993 
           
SHORT-TERM INSTRUMENTS 0.4%          
           
REPURCHASE AGREEMENTS (g) 0.4%          
         1,317 
           
Total Short-Term Instruments (Cost $1,317)        1,317 
Total Investments in Securities (Cost $619,919)        666,310 
Total Investments 185.6% (Cost $619,919)       $666,310 
Auction Rate Preferred Shares (43.1)%        (154,700)
Variable Rate MuniFund Preferred Shares, at liquidation value (9.6)%        (34,491)
Other Assets and Liabilities, net (32.9)%        (118,033)
Net Assets Applicable to Common Shareholders 100.0%       $359,086 

 

 

 

 

Schedule of Investments  PIMCO Municipal Income Fund III (Cont.) March 31, 2019 (Unaudited)

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

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

 

¤ The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.
   
^ Security is in default.
   
(a) Security is not accruing income as of the date of this report.
   
(b) Zero coupon security.
   
(c) Security becomes interest bearing at a future date.
   
(d) Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.  
   
(e) Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on March 31, 2019.
   
(f) RESTRICTED SECURITIES:

 

Issuer Description  Coupon   Maturity
Date
  Acquisition
Date
  Cost   Market
Value
   Market Value
as Percentage
of Net Assets
Applicable to
Common
Shareholders
 
Massachusetts Development Finance Agency Revenue Bonds, Series 2011   5.500%   11/15/2056  07/20/2007  $5   $37    0.01% 

 

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   2.000%   03/29/2019  04/01/2019  $1,317   U.S. Treasury Notes 2.625% due 07/15/2021  $(1,344)  $1,317   $1,317 
Total Repurchase Agreements       $(1,344)  $1,317   $1,317 

 

(1) Includes accrued interest.

 

FAIR VALUE MEASUREMENTS

 

The following is a summary of the fair valuations according to the inputs used as of March 31, 2019 in valuing the Fund's assets and liabilities:

 

Category and Subcategory  Level 1   Level 2   Level 3   Fair Value
at 03/31/2019
 
Investments in Securities, at Value                    
Municipal Bonds & Notes                    
Alabama  $0   $27,876   $0   $27,876 
Arizona   0    15,303    0    15,303 
California   0    67,823    0    67,823 
Colorado   0    6,225    0    6,225 
Connecticut   0    1,328    0    1,328 
District of Columbia   0    2,500    0    2,500 
Florida   0    34,972    0    34,972 
Georgia   0    19,603    0    19,603 
Hawaii   0    1,574    0    1,574 
Illinois   0    54,013    0    54,013 
Indiana   0    4,405    0    4,405 
Iowa   0    776    0    776 
Kansas   0    2,091    0    2,091 
Kentucky   0    2,111    0    2,111 
Louisiana   0    14,015    0    14,015 
Maryland   0    6,781    0    6,781 
Massachusetts   0    31,455    0    31,455 
Michigan   0    13,603    0    13,603 
Minnesota   0    1,863    0    1,863 
Missouri   0    691    0    691 
Nebraska   0    12,388    0    12,388 
Nevada   0    5,695    0    5,695 
New Hampshire   0    2,045    0    2,045 
New Jersey   0    31,557    0    31,557 
New Mexico   0    1,042    0    1,042 
New York   0    80,182    0    80,182 
North Carolina   0    9,043    0    9,043 
Ohio   0    62,888    0    62,888 
Oklahoma   0    1,834    0    1,834 

 

 

 

 

Schedule of Investments  PIMCO Municipal Income Fund III  (Cont.) March 31, 2019 (Unaudited)

 

                 
Pennsylvania   0    25,312    0    25,312 
Puerto Rico   0    9,966    0    9,966 
South Carolina   0    9,204    0    9,204 
Tennessee   0    4,845    0    4,845 
Texas   0    56,226    0    56,226 
U.S. Virgin Islands   0    1,145    0    1,145 
Utah   0    3,185    0    3,185 
Virginia   0    11,301    0    11,301 
Washington   0    8,184    0    8,184 
West Virginia   0    2,637    0    2,637 
Wisconsin   0    17,306    0    17,306 
Short-Term Instruments                    
Repurchase Agreements   0    1,317    0    1,317 
                     
Total Investments  $0   $666,310   $0   $666,310 

 

There were no significant transfers into or out of Level 3 during the period ended March 31, 2019.

 

 

 

 

Notes to Financial Statements

 

1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

 

(a) Investment Valuation Policies The net asset value (“NAV”) of the Fund's shares is determined by dividing the total value of portfolio investments and other assets attributable to that Fund less any liabilities by the total number of shares outstanding of the Fund.

 

On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (“NYSE Close”). Information that becomes known to the 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. The Fund reserves the right to change the time as of which its NAV is calculated if the Fund closes earlier, or as permitted by the U.S. Securities and Exchange Commission (“SEC”).

 

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Fund's approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). 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. If market value pricing is used, 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” or the “Manager”) to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. The Fund's investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments.

 

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of the Fund's securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

 

When the Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Fund’s policy is 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 determined by the Board or persons acting at their direction would 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 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 Board or persons acting at their direction that are used in determining the fair value of investments.

 

In accordance with the requirements of U.S. GAAP, the amounts of transfers 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

 

 

 

 

Notes to Financial Statements (Cont.)

 

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

 

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services' internal models use inputs that are 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.

 

Level 3 trading assets and trading liabilities, at fair value When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

 

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost 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.

 

2. 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 taxable 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, 2019, 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 Fixed Income Clearing Corporation        
           
Currency Abbreviations:        
USD (or $) United States Dollar        
           
Exchange Abbreviations:        
OTC Over the Counter        
           
Municipal Bond or Agency Abbreviations:        
AGC Assured Guaranty Corp. FHA Federal Housing Administration NPFGC National Public Finance Guarantee Corp.
AGM Assured Guaranty Municipal        
           
Other Abbreviations:        
TBA To-Be-Announced