Schedule of Investments PIMCO Municipal Income Fund III September 30, 2021 (Unaudited)

(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 170.7% ¤
MUNICIPAL BONDS & NOTES 169.5%
ALABAMA 8.1%
Jefferson County, Alabama Sewer Revenue Bonds, Series 2013
6.500% due 10/01/2053	$	7,500	$	8,670
7.900% due 10/01/2050 (c)		19,000		19,537
Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 05/01/2032		1,208		1,300
5.250% due 05/01/2044		1,000		1,159
				30,666
ARIZONA 7.8%
Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 01/01/2031		675		603
4.500% due 01/01/2032		710		634
4.500% due 01/01/2049		750		751
Arizona Industrial Development Authority Revenue Bonds, Series 2020 7.750% due 07/01/2050		1,200		1,428
Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 5.000% due 07/01/2055		1,200		1,301
Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 4.000% due 01/01/2044		3,800		4,373
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019
4.000% due 07/01/2049		2,495		2,858
5.000% due 07/01/2044		1,245		1,539
Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007 5.000% due 12/01/2037		11,600		15,980
				29,467
CALIFORNIA 8.8%
Bay Area Toll Authority, California Revenue Bonds, Series 2013 5.250% due 04/01/2053		12,000		12,910
California Health Facilities Financing Authority Revenue Bonds, Series 2013 5.000% due 08/15/2052		2,015		2,192
California Health Facilities Financing Authority Revenue Bonds, Series 2020 4.000% due 04/01/2049		2,000		2,279
California State General Obligation Bonds, Series 2019 5.000% due 04/01/2045		3,000		3,734
California Statewide Communities Development Authority Revenue Bonds, Series 2011 5.000% due 12/01/2041		3,000		3,023
Los Angeles Department of Airports, California Revenue Bonds, Series 2020 4.000% due 05/15/2048		2,000		2,323
M-S-R Energy Authority, California Revenue Bonds, Series 2009 6.500% due 11/01/2039		2,000		3,136
Morongo Band of Mission Indians, California Revenue Bonds, Series 2018 5.000% due 10/01/2042		750		887
Northern California Energy Authority Revenue Bonds, Series 2018 4.000% due 07/01/2049		2,250		2,448
				32,932
COLORADO 3.5%
Board of Governors of Colorado State University System Revenue Bonds, Series 2017 4.000% due 03/01/2038 (d)		1,500		1,714
Colorado Health Facilities Authority Revenue Bonds, Series 2019
4.000% due 11/15/2038 (d)		3,500		4,125
4.000% due 08/01/2044		2,000		2,269
Colorado Springs, Colorado Utilities System Revenue Bonds, Series 2020 4.000% due 11/15/2050		2,500		2,932
Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018 4.000% due 03/15/2043		1,250		1,421
Public Authority for Colorado Energy Revenue Bonds, Series 2008 6.500% due 11/15/2038		500		762
				13,223
CONNECTICUT 1.7%
Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 5.000% due 05/01/2037		2,000		2,553

Schedule of Investments PIMCO Municipal Income Fund III(Cont.) September 30, 2021 (Unaudited)

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2020 4.000% due 07/01/2045	3,300	3,747
		6,300
DISTRICT OF COLUMBIA 0.9%
District of Columbia General Obligation Bonds, Series 2019 5.000% due 10/15/2044	650	811
District of Columbia Water & Sewer Authority Revenue Bonds, Series 2019 5.000% due 10/01/2044	500	630
Metropolitan Washington Airports Authority Dulles Toll Road, District of Columbia Revenue Bonds, Series 2019 4.000% due 10/01/2049	1,750	1,966
		3,407
FLORIDA 9.5%
Cape Coral, Florida Water & Sewer Revenue Bonds, (AGM Insured), Series 2011 5.000% due 10/01/2041	3,000	3,000
Florida Development Finance Corp. Revenue Bonds, Series 2019 7.375% due 01/01/2049	1,500	1,633
Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2010 9.529% due 10/01/2039 (e)	5,000	5,088
Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2020 4.000% due 08/01/2055	1,800	2,050
Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2018 4.000% due 04/01/2053	4,000	4,417
Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 4.000% due 07/01/2044	1,000	1,139
North Miami Beach, Florida Water Revenue Bonds, Series 2020 5.000% due 08/01/2044	3,000	3,770
Pasco County, Florida Water & Sewer Revenue Bonds, Series 2014 4.000% due 10/01/2044	1,500	1,642
Pompano Beach, Florida Revenue Bonds, Series 2020 4.000% due 09/01/2050	1,750	1,889
Putnam County Development Authority, Florida Revenue Bonds, Series 2018 5.000% due 03/15/2042	1,000	1,190
South Miami Health Facilities Authority, Florida Revenue Bonds, Series 2017 4.000% due 08/15/2047 (d)	3,750	4,171
St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020 4.000% due 08/01/2055	3,500	3,935
Tampa, Florida Revenue Bonds, Series 2020
0.000% due 09/01/2049 (b)	2,600	936
0.000% due 09/01/2053 (b)	2,600	779
		35,639
GEORGIA 4.9%
Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 6.750% due 01/01/2035	1,750	1,322
Fayette County, Georgia Hospital Authority Revenue Bonds, Series 2016 5.000% due 07/01/2046 (d)	3,000	3,476
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 5.000% due 05/15/2043	2,000	2,397
Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 5.000% due 07/01/2060	10,000	11,307
		18,502
ILLINOIS 18.1%
Chicago Board of Education, Illinois General Obligation Bonds, Series 2012 5.000% due 12/01/2042	4,000	4,155
Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 5.000% due 01/01/2048	3,500	4,241
Chicago Park District, Illinois General Obligation Bonds, Series 2020 4.000% due 01/01/2036	1,300	1,512
Chicago, Illinois General Obligation Bonds, Series 2007
5.500% due 01/01/2035	400	451
5.500% due 01/01/2042	1,000	1,124
Chicago, Illinois General Obligation Bonds, Series 2015
5.375% due 01/01/2029	7,200	8,136
5.500% due 01/01/2034	2,665	3,009
Chicago, Illinois General Obligation Bonds, Series 2017 6.000% due 01/01/2038	3,000	3,680
Chicago, Illinois Revenue Bonds, Series 2002 5.000% due 01/01/2027	1,750	2,008
Chicago, Illinois Waterworks Revenue Bonds, Series 2012 4.000% due 11/01/2037	3,750	3,865
Illinois Finance Authority Revenue Bonds, Series 2013 4.000% due 08/15/2042 (d)	3,000	3,101
Illinois Finance Authority Revenue Bonds, Series 2017 5.000% due 02/15/2037 ^(a)	1,030	745
Illinois Finance Authority Revenue Bonds, Series 2019 5.000% due 11/01/2035	1,010	1,140
Illinois State General Obligation Bonds, Series 2018
4.625% due 05/01/2037	2,000	2,314

Schedule of Investments PIMCO Municipal Income Fund III(Cont.) September 30, 2021 (Unaudited)

5.000% due 05/01/2041	1,500	1,764
Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2025	1,150	1,343
5.000% due 11/01/2027	7,000	8,532
Illinois State Toll Highway Authority Revenue Bonds, Series 2020 5.000% due 01/01/2045	1,500	1,887
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM Insured), Series 2010 0.000% due 06/15/2045 (b)	6,500	3,458
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR/NPFGC Insured), Series 2002 0.000% due 12/15/2040 (b)	2,000	1,240
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2012 0.000% due 12/15/2051 (b)	2,500	990
Regional Transportation Authority, Illinois Revenue Bonds, Series 2018 5.000% due 06/01/2038 (d)	3,900	4,803
Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020 5.000% due 01/01/2029	3,500	4,428
		67,926
INDIANA 1.1%
Indiana Finance Authority Revenue Bonds, Series 2019 7.000% due 03/01/2039	1,250	1,186
Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006 4.000% due 11/15/2046	2,500	2,823
		4,009
IOWA 0.1%
Iowa Finance Authority Revenue Bonds, Series 2014 5.400% due 11/15/2046 ^	379	431
KANSAS 0.6%
University of Kansas Hospital Authority Revenue Bonds, Series 2015 4.000% due 09/01/2040 (d)	2,000	2,194
		2,194
LOUISIANA 4.4%
East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019 4.000% due 02/01/2045	3,100	3,566
Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 4.000% due 05/01/2045 (d)	4,000	4,521
Louisiana Public Facilities Authority Revenue Bonds, Series 2017 5.000% due 05/15/2042	4,000	4,716
Louisiana Public Facilities Authority Revenue Bonds, Series 2020 4.000% due 04/01/2050	750	854
Parish of St James, Louisiana Revenue Bonds, Series 2010 6.350% due 07/01/2040	1,350	1,786
Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 2.375% due 06/01/2037	950	1,000
		16,443
MAINE 0.7%
Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2013 5.000% due 07/01/2043	1,500	1,623
Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020 4.000% due 07/01/2050	1,000	1,139
		2,762
MARYLAND 1.3%
Baltimore County, Maryland General Obligation Bonds, Series 2018 4.000% due 03/01/2045 (d)	3,600	4,150
Maryland Economic Development Corp. Revenue Bonds, Series 2020 5.000% due 07/01/2056	500	605
		4,755
MASSACHUSETTS 8.4%
Commonwealth of Massachusetts General Obligation Bonds, Series 2018 4.000% due 05/01/2040	1,000	1,154
Commonwealth of Massachusetts General Obligation Bonds, Series 2019 5.000% due 05/01/2046	3,000	3,740
Massachusetts Bay Transportation Authority Revenue Bonds, Series 2020 5.000% due 07/01/2050	1,500	1,841
Massachusetts Development Finance Agency Revenue Bonds, Series 2010 7.625% due 10/15/2037 ^(a)	275	124
Massachusetts Development Finance Agency Revenue Bonds, Series 2011 0.000% due 11/15/2056 (b)(f)	119	76
Massachusetts Development Finance Agency Revenue Bonds, Series 2016
4.000% due 10/01/2046 (d)	2,500	2,810
5.000% due 01/01/2047	1,000	1,143

Schedule of Investments PIMCO Municipal Income Fund III(Cont.) September 30, 2021 (Unaudited)

Massachusetts Housing Finance Agency Revenue Bonds, Series 2003 5.125% due 06/01/2043		525	526
Massachusetts School Building Authority Revenue Bonds, Series 2012 5.250% due 02/15/2048 (d)		3,000	3,722
University of Massachusetts Building Authority, Revenue Bonds, Series 2013 4.000% due 11/01/2043 (d)		15,745	16,399
			31,535
MICHIGAN 5.3%
Michigan Finance Authority Revenue Bonds, Series 2017
4.000% due 12/01/2036 (d)		3,000	3,455
4.000% due 12/01/2040 (d)		500	572
5.000% due 12/01/2031 (d)		1,200	1,466
Michigan Finance Authority Revenue Bonds, Series 2020 0.000% due 06/01/2065 (b)		14,605	1,948
Michigan Finance Authority Revenue Bonds, Series 2021 5.000% due 12/01/2046 (d)		2,425	2,924
Michigan Finance Authority Revenue Notes, Series 2021 5.000% due 06/01/2027 (d)	$	75	93
Michigan State University Revenue Bonds, Series 2019 4.000% due 02/15/2044		2,500	2,892
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 0.000% due 06/01/2058 (b)		12,500	617
Michigan Trunk Line State Revenue Bonds, Series 2020 4.000% due 11/15/2045		5,000	5,847
			19,814
MINNESOTA 0.5%
Rochester, Minnesota Revenue Bonds, Series 2018 4.000% due 11/15/2048		1,750	1,992
MISSOURI 0.2%
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 5.000% due 02/15/2036		425	525
Jennings, Missouri Revenue Bonds, Series 2006 5.000% due 11/01/2023		160	116
			641
NEBRASKA 2.1%
Central Plains Energy Project, Nebraska Revenue Bonds, Series 2017 5.000% due 09/01/2042		5,500	7,910
NEVADA 1.7%
Clark County, Nevada General Obligation Bonds, Series 2018 4.000% due 07/01/2044 (d)		4,545	5,134
Reno, Nevada Revenue Bonds, Series 2018 0.000% due 07/01/2058 (b)		11,000	1,192
			6,326
NEW JERSEY 9.5%
Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019 3.870% due 11/15/2035 (f)		3,256	3,728
New Jersey Economic Development Authority Revenue Bonds, Series 2016 5.000% due 06/15/2041		5,000	5,905
New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 6.500% due 04/01/2028		4,500	4,914
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013 5.500% due 07/01/2043		2,000	2,171
New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006 0.000% due 12/15/2034 (b)		3,200	2,432
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2021 4.000% due 06/15/2036		1,500	1,773
South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017 5.000% due 01/01/2049		900	1,071
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2029		1,200	1,498
5.000% due 06/01/2046		7,000	8,207
5.250% due 06/01/2046		3,500	4,225
			35,924
NEW YORK 15.3%
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2011 5.750% due 02/15/2047		1,615	1,622
Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2019 4.000% due 11/15/2049		2,120	2,426
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2011 5.000% due 11/15/2036		3,000	3,017
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2017 4.000% due 11/15/2042		5,500	6,158

Schedule of Investments PIMCO Municipal Income Fund III(Cont.) September 30, 2021 (Unaudited)

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021 5.000% due 01/01/2058	785	750
New York City Water & Sewer System, New York Revenue Bonds, Series 2020 4.000% due 06/15/2050	4,000	4,642
New York Liberty Development Corp. Revenue Bonds, Series 2014 5.000% due 11/15/2044	1,000	1,096
New York Liberty Development Corp., Revenue Bonds, Series 2007 5.500% due 10/01/2037	1,700	2,503
New York Liberty Development Corp., Revenue Bonds, Series 2011 5.000% due 11/15/2044	11,000	11,061
New York Power Authority Revenue Bonds, Series 2020 4.000% due 11/15/2055	3,500	4,047
New York State Dormitory Authority Revenue Bonds, Series 2017 4.000% due 02/15/2047 (d)	1,000	1,128
New York State Thruway Authority Revenue Bonds, (AGM Insured), Series 2019 4.000% due 01/01/2053	500	573
New York State Thruway Authority Revenue Bonds, Series 2017 4.000% due 03/15/2047 (d)	2,000	2,309
New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2041	5,500	6,354
4.000% due 01/01/2053	620	705
New York State Urban Development Corp. Revenue Bonds, Series 2017 4.000% due 03/15/2046 (d)	7,000	7,904
New York State Urban Development Corp. Revenue Bonds, Series 2020 4.000% due 03/15/2039	1,250	1,461
		57,756
NORTH CAROLINA 2.3%
New Hanover County, North Carolina Revenue Bonds, Series 2011 5.000% due 10/01/2028	6,000	6,000
University of North Carolina Hospitals at Chapel Hill Revenue Bonds, Series 2016 4.000% due 02/01/2046	2,500	2,789
		8,789
NORTH DAKOTA 0.2%
Grand Forks County, North Dakota Revenue Bonds, Series 2021 7.000% due 12/15/2043	940	946
OHIO 10.3%
American Municipal Power, Inc., Ohio Revenue Bonds, Series 2017 4.000% due 02/15/2042	1,000	1,127
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2007 6.250% due 06/01/2037	5,000	5,201
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
0.000% due 06/01/2057 (b)	26,000	4,165
5.000% due 06/01/2055	6,970	7,895
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017 4.000% due 02/15/2047 (d)	9,310	10,302
Hamilton County, Ohio Revenue Bonds, Series 2012 5.000% due 06/01/2042	1,500	1,548
Ohio State Turnpike Commission Revenue Bonds, Series 2013 5.000% due 02/15/2048	5,000	5,324
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020 5.000% due 12/01/2050	1,250	1,575
Southern Ohio Port Authority Revenue Bonds, Series 2020 7.000% due 12/01/2042	1,400	1,610
		38,747
OKLAHOMA 1.0%
Oklahoma Development Finance Authority Revenue Bonds, Series 2018 5.500% due 08/15/2057	1,600	1,952
Oklahoma Water Resources Board Revenue Bonds, Series 2020 4.000% due 10/01/2049	1,500	1,790
		3,742
OREGON 0.2%
Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 4.000% due 08/15/2039	500	590
PENNSYLVANIA 4.8%
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 4.000% due 04/01/2050	1,000	1,134
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 6.400% due 12/01/2038	1,350	1,037
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 9.000% due 04/01/2051	1,650	2,021
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 5.000% due 08/15/2049	1,350	1,670
Pennsylvania Turnpike Commission Revenue Bonds, Series 2013 5.000% due 12/01/2043	5,000	5,498

Schedule of Investments PIMCO Municipal Income Fund III(Cont.) September 30, 2021 (Unaudited)

Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 5.500% due 12/01/2058	1,000	1,063
Philadelphia Hospitals & Higher Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2012 5.625% due 07/01/2042	1,645	1,697
Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, Series 2019 5.000% due 11/01/2054	3,100	3,847
		17,967
PUERTO RICO 6.1%
Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008 0.000% due 05/15/2057 (b)	31,000	2,037
Commonwealth of Puerto Rico General Obligation Bonds, Series 2014 8.000% due 07/01/2035 ^(a)	5,500	4,757
Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2005 5.000% due 07/01/2030 ^(a)	1,425	805
Puerto Rico Infrastructure Financing Authority Revenue Bonds, Series 2006
5.000% due 07/01/2026 ^(a)	100	46
5.000% due 07/01/2027 ^(a)	250	116
5.000% due 07/01/2037 ^(a)	705	327
Puerto Rico Public Buildings Authority Revenue Bonds, Series 2011 6.000% due 07/01/2041	1,000	1,070
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (b)	17,624	5,819
4.750% due 07/01/2053	6,992	7,841
		22,818
SOUTH CAROLINA 2.0%
South Carolina Public Service Authority Revenue Bonds, Series 2013
5.125% due 12/01/2043	5,000	5,467
5.500% due 12/01/2053	1,750	1,924
		7,391
TENNESSEE 0.8%
Metropolitan Government Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 4.000% due 11/01/2055	1,000	1,063
Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2019 4.000% due 07/01/2049	1,000	1,154
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2019 5.750% due 10/01/2059	750	793
		3,010
TEXAS 12.1%
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 7.500% due 12/01/2045	650	642
Austin, Texas Electric Utility Revenue Bonds, Series 2019 5.000% due 11/15/2044	1,585	1,995
Bexar County Texas Hospital District, General Obligation Bonds, Series 2018 4.000% due 02/15/2043	2,500	2,820
Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 3.625% due 07/01/2026	1,250	1,289
Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018 6.125% due 08/15/2048	1,000	1,151
Dallas, Texas Civic Center Revenue Bonds, (AGC Insured), Series 2009 5.250% due 08/15/2038	1,300	1,305
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2013 5.000% due 04/01/2053	4,500	4,929
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2018 5.000% due 10/01/2048 (d)	4,000	4,871
Houston Community College System, Texas General Obligation Bonds, Series 2013 4.000% due 02/15/2043 (d)	5,000	5,259
Houston, Texas Combined Utility System Revenue Bonds, Series 2019 4.000% due 11/15/2044	1,500	1,761
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017
4.000% due 08/15/2034 (d)	300	340
4.000% due 08/15/2035 (d)	800	906
4.000% due 08/15/2036 (d)	600	678
4.000% due 08/15/2037 (d)	900	1,015
4.000% due 08/15/2040 (d)	900	1,010
North Texas Tollway Authority Revenue Bonds, Series 2017
4.000% due 01/01/2043	1,500	1,693
5.000% due 01/01/2048	1,250	1,481
Plano, Texas Special Assessment Bonds, Series 2021 4.375% due 09/15/2051	750	759
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 6.750% due 11/15/2047	500	566
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 5.250% due 12/15/2026	150	183
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008 6.250% due 12/15/2026	7,295	8,482

Schedule of Investments PIMCO Municipal Income Fund III(Cont.) September 30, 2021 (Unaudited)

University of North Texas System Revenue Bonds, Series 2018 4.000% due 04/15/2050	2,200	2,463
		45,598
UTAH 1.1%
Utah County, Utah Revenue Bonds, Series 2018 4.000% due 05/15/2041 (d)	3,000	3,452
Utah County, Utah Revenue Bonds, Series 2020 4.000% due 05/15/2043	550	643
		4,095
VIRGINIA 5.3%
Fairfax County, Virginia Industrial Development Authority Revenue Bonds, Series 2018 4.000% due 05/15/2048	1,000	1,145
James City County, Virginia Economic Development Authority Revenue Bonds, Series 2013
2.000% due 10/01/2048 ^(a)	201	201
6.000% due 06/01/2043	589	640
University of Virginia Revenue Bonds, Series 2018 4.000% due 08/01/2048 (d)	5,000	5,773
Virginia Commonwealth Transportation Board Revenue Bonds, Series 2018 4.000% due 05/15/2041 (d)	4,000	4,633
Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (b)	25,000	1,492
5.500% due 07/01/2044	1,000	1,094
5.500% due 07/01/2049	500	544
Virginia Small Business Financing Authority Revenue Bonds, Series 2020 4.000% due 12/01/2049	3,800	4,371
		19,893
WASHINGTON 2.1%
Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018 4.000% due 01/01/2046	4,000	4,523
Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019 4.000% due 04/01/2044	1,000	1,095
Washington State Convention Center Public Facilities District Revenue Bonds, Series 2021 4.000% due 07/01/2058	1,345	1,514
Washington State Housing Finance Commission Revenue Bonds, Series 2018 5.000% due 07/01/2038	825	889
		8,021
WEST VIRGINIA 1.1%
Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017 5.500% due 06/01/2037	1,000	1,144
West Virginia Economic Development Authority Revenue Bonds, Series 2017 4.000% due 06/15/2040 (d)	1,500	1,678
West Virginia State General Obligation Bonds, Series 2019 5.000% due 12/01/2041	1,000	1,251
		4,073
WISCONSIN 5.6%
Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 7.000% due 01/01/2050	2,500	2,445
Public Finance Authority, Wisconsin Revenue Bonds, Series 2018
6.375% due 01/01/2048	2,500	1,913
7.000% due 07/01/2048	750	722
Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 0.000% due 01/01/2060 (b)	7,500	708
Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 4.000% due 07/01/2056	650	733
Public Finance Authority, Wisconsin Revenue Notes, Series 2017 6.250% due 08/01/2027	1,000	1,111
University of Wisconsin Hospitals & Clinics Authority Revenue Bonds, Series 2013 5.000% due 04/01/2038	3,500	3,751
Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 0.000% due 12/15/2050 (b)	9,410	3,427
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 4.000% due 11/15/2046	1,500	1,691
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 4.000% due 08/15/2042 (d)	2,000	2,270

Schedule of Investments PIMCO Municipal Income Fund III(Cont.) September 30, 2021 (Unaudited)

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 5.000% due 04/01/2044	2,000		2,430
			21,201
Total Municipal Bonds & Notes (Cost $574,646)			637,435
SHORT-TERM INSTRUMENTS 1.2%
REPURCHASE AGREEMENTS (g) 1.2%			4,499
Total Short-Term Instruments (Cost $4,499)			4,499
Total Investments in Securities (Cost $579,145)			641,934
Total Investments 170.7% (Cost $579,145)		$	641,934
Auction Rate Preferred Shares			(154,700)
Variable MuniFund Term Rate Preferred Shares			(34,230)
Other Assets and Liabilities, net (20.5)%			(76,837)
Net Assets Applicable to Common Shareholders 100.0%		$	376,167

Schedule of Investments PIMCO Municipal Income Fund III(Cont.) September 30, 2021 (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 September 30, 2021.
(f)		RESTRICTED SECURITIES:
Issuer Description									Coupon			Maturity Date			Acquisition Date							Cost									Market Value					Market Value as Percentage of Net Assets
Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019								3.870		%		11/15/2035			10/26/2020				$			3,765					$				3,728					0.99			%
Massachusetts Development Finance Agency Revenue Bonds, Series 2011								0.000				11/15/2056			07/20/2007							5									76					0.02
																		$			3,770					$				3,804					1.01%
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
FICC			0.000%	09/30/2021	10/01/2021	$	4,499						U.S. Treasury Notes 0.250% due 09/30/2023										$		(4,589)				$				4,499	$				4,499
Total Repurchase Agreements																							$		(4,589)				$				4,499	$				4,499
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2021 in valuing the Fund's assets and liabilities:
Category and Subcategory											Level 1					Level 2				Level 3								Fair Value at 09/30/2021
Investments in Securities, at Value
Municipal Bonds & Notes
	Alabama										$			0		$	30,666			$			0					$					30,666
	Arizona													0			29,467						0										29,467
	California													0			32,932						0										32,932
	Colorado													0			13,223						0										13,223
	Connecticut													0			6,300						0										6,300
	District of Columbia													0			3,407						0										3,407
	Florida													0			35,639						0										35,639
	Georgia													0			18,502						0										18,502
	Illinois													0			67,926						0										67,926
	Indiana													0			4,009						0										4,009
	Iowa													0			431						0										431
	Kansas													0			2194						0										2194
	Louisiana													0			16,443						0										16,443
	Maine													0			2,762						0										2,762
	Maryland													0			4,755						0										4,755
	Massachusetts													0			31,535						0										31,535
	Michigan													0			19,814						0										19,814
	Minnesota													0			1,992						0										1,992
	Missouri													0			641						0										641
	Nebraska													0			7,910						0										7,910
	Nevada													0			6,326						0										6,326
	New Jersey													0			35,924						0										35,924
	New York													0			57,756						0										57,756
	North Carolina													0			8,789						0										8,789
	North Dakota													0			946						0										946
	Ohio													0			38,757						0										38,747
	Oklahoma													0			3,742						0										3,742
	Oregon													0			590						0										590
	Pennsylvania													0			17,967						0										17,967
	Puerto Rico													0			22,818						0										22,818

Schedule of Investments PIMCO Municipal Income Fund III(Cont.) September 30, 2021 (Unaudited)

	South Carolina		0		7,391		0		7,391
	Tennessee		0		3,010		0		3,010
	Texas		0		45,598		0		45,598
	Utah		0		4,095		0		4,095
	Virginia		0		19,893		0		19,893
	Washington		0		8,021		0		8,021
	West Virginia		0		4,073		0		4,073
	Wisconsin		0		21,201		0		21,201
Short-Term Instruments
	Repurchase Agreements		0		4,499		0		4,499
Total Investments		$	0	$	641,934	$	0	$	641,934
There were no significant transfers into or out of Level 3 during the period ended September 30, 2021.

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, less any liabilities, attributable to the Fund 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 (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 reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. The Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, the Fund reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the 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 the 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 such data reflecting 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, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. The Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments. Open-end management investment companies may include affiliated funds.

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 Fund’s Board of Trustees (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.

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

Notes to Financial Statements (Cont.)

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

(c) Valuation Techniques and the Fair Value Hierarchy

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

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.

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 September 30, 2021, 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
Municipal Bond or Agency Abbreviations:
AGC	Assured Guaranty Corp.	CR	Custodial Receipts	NPFGC	National Public Finance Guarantee Corp.
AGM	Assured Guaranty Municipal
Other Abbreviations:
TBA	To-Be-Announced