Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Schedule of Investments PIMCO New York Municipal Income Fund II	March 31, 2024 (Unaudited)

 

(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)
																	PRINCIPAL AMOUNT (000s)						MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 170.1% ¤
MUNICIPAL BONDS & NOTES 169.8%
ARIZONA 0.0%
Arizona Industrial Development Authority Revenue Bonds, Series 2020 7.750% due 07/01/2050 ^(b)															$		400					$	24
DELAWARE 1.5%
Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
3.167% due 10/01/2038																	1,325						1,150
7.120% due 10/01/2038																	235						229
																							1,379
ILLINOIS 1.1%
Chicago, Illinois General Obligation Bonds, Series 2017 6.000% due 01/01/2038																	1,000						1,048
NEW HAMPSHIRE 1.1%
New Hampshire Business Finance Authority Revenue Notes, Series 2023 5.087% due 07/20/2027																	980						1,002
NEW YORK 159.4%
Build NYC Resource Corp., New York Revenue Bonds, Series 2018 5.625% due 12/01/2050																	1,745						1,599
Build NYC Resource Corp., New York Revenue Bonds, Series 2023 5.250% due 07/01/2062																	1,250						1,281
Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2015 5.000% due 07/01/2045																	3,000						3,029
Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 4.000% due 07/01/2046																	590						576
Erie County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 4.250% due 02/01/2041																	1,900						1,847
Housing Development Corp., New York Revenue Bonds, Series 2017 3.700% due 11/01/2047																	1,000						897
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2021 4.000% due 02/15/2039																	1,400						1,442
Huntington Local Development Corp., New York Revenue Bonds, Series 2021 5.250% due 07/01/2056																	700						569
Long Island Power Authority, New York Revenue Bonds, Series 2014 5.000% due 09/01/2044																	3,500						3,510
Long Island Power Authority, New York Revenue Bonds, Series 2023 5.000% due 09/01/2048																	1,300						1,437
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014 5.000% due 11/15/2039																	1,500						1,512
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2016 5.000% due 11/15/2051																	1,370						1,397
Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2023 5.000% due 07/01/2053																	1,000						1,079
Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017 4.000% due 12/01/2041																	1,400						1,316
Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020 4.000% due 07/01/2050																	1,000						962
Nassau County, New York General Obligation Bonds, Series 2022 4.250% due 04/01/2052																	2,245						2,202
Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021 5.000% due 01/01/2058 ^(b)																	1,638						490
Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 2006 5.125% due 06/01/2046																	4,000						3,794
New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2016 4.000% due 07/15/2040																	1,000						998
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2017 4.000% due 08/01/2042																	5,000						4,962
New York City Water & Sewer System, New York Revenue Bonds, Series 2016 4.000% due 06/15/2046																	1,130						1,116
New York City Water & Sewer System, New York Revenue Bonds, Series 2018 5.000% due 06/15/2040																	2,300						2,434
New York City Water & Sewer System, New York Revenue Bonds, Series 2020 5.000% due 06/15/2050																	2,750						2,928
New York City, New York General Obligation Bonds, Series 2024
5.250% due 03/01/2053																	2,900						3,188
5.250% due 04/01/2054 (a)																	1,750						1,921

 

Schedule of Investments PIMCO New York Municipal Income Fund II (Cont.)	March 31, 2024 (Unaudited)

 

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 4.000% due 06/15/2050																	1,000						975
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 5.250% due 06/15/2052																	2,000						2,196
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023
5.250% due 06/15/2048																	900						1,006
5.250% due 06/15/2053																	900						995
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 5.000% due 11/01/2041																	1,500						1,708
New York Convention Center Development Corp. Revenue Bonds, Series 2015 4.000% due 11/15/2045																	230						222
New York County, New York Tobacco Trust Revenue Bonds, Series 2005
0.000% due 06/01/2050 (c)																	30,000						6,595
0.000% due 06/01/2055 (c)																	9,000						788
New York County, New York Tobacco Trust Revenue Bonds, Series 2016
5.000% due 06/01/2036																	1,000						1,023
5.000% due 06/01/2041																	1,000						1,013
New York Liberty Development Corp. Revenue Bonds, Series 2005 5.250% due 10/01/2035																	3,130						3,698
New York Liberty Development Corp. Revenue Bonds, Series 2014 5.000% due 11/15/2044																	2,000						2,001
New York Liberty Development Corp. Revenue Bonds, Series 2021 2.875% due 11/15/2046																	605						451
New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2015 3.800% due 04/01/2028																	1,000						994
New York Power Authority Revenue Bonds, (AGM Insured), Series 2022
4.000% due 11/15/2047																	1,250						1,227
4.000% due 11/15/2061																	1,000						952
New York Power Authority Revenue Bonds, Series 2020 4.000% due 11/15/2055																	3,135						3,006
New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022 4.000% due 07/01/2051																	1,500						1,448
New York State Dormitory Authority Revenue Bonds, (AMBAC Insured), Series 2005 5.500% due 05/15/2031																	1,490						1,752
New York State Dormitory Authority Revenue Bonds, Series 2017 4.000% due 02/15/2047																	750						725
New York State Dormitory Authority Revenue Bonds, Series 2018
4.000% due 08/01/2037																	2,750						2,694
4.000% due 03/15/2043																	2,000						1,975
5.000% due 03/15/2044																	2,625						2,758
New York State Dormitory Authority Revenue Bonds, Series 2019
4.000% due 07/01/2044																	1,600						1,606
5.000% due 07/01/2042																	1,000						1,076
5.000% due 03/15/2043																	1,575						1,684
New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 02/15/2039																	2,000						2,038
4.000% due 07/01/2050																	5,365						5,185
5.000% due 07/01/2053																	1,000						1,062
New York State Dormitory Authority Revenue Bonds, Series 2022
4.000% due 07/01/2049																	465						435
5.000% due 07/15/2050																	465						471
New York State Dormitory Authority Revenue Bonds, Series 2023 5.000% due 07/01/2048																	400						436
New York State Environmental Facilities Corp. Revenue Bonds, Series 2022 4.000% due 06/15/2047																	2,250						2,201
New York State Housing Finance Agency Revenue Bonds, Series 2024 4.600% due 11/01/2054																	1,150						1,137
New York State Thruway Authority Revenue Bonds, Series 2018 4.000% due 01/01/2036																	1,000						1,029
New York State Thruway Authority Revenue Bonds, Series 2019 4.000% due 01/01/2050																	1,775						1,707
New York State Thruway Authority Revenue Bonds, Series 2022
4.125% due 03/15/2052																	1,150						1,114
5.000% due 03/15/2055																	1,000						1,071
New York State Urban Development Corp. Revenue Bonds, Series 2019 4.000% due 03/15/2045																	1,000						986
New York State Urban Development Corp. Revenue Bonds, Series 2023 5.000% due 03/15/2047																	2,000						2,184
New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 5.125% due 06/30/2060																	2,000						2,093
New York Transportation Development Corp. Revenue Bonds, Series 2016
5.000% due 07/01/2046																	1,150						1,134
5.250% due 01/01/2050																	1,165						1,166
New York Transportation Development Corp. Revenue Bonds, Series 2020 5.000% due 10/01/2040																	1,200						1,245
New York Transportation Development Corp. Revenue Bonds, Series 2022 4.000% due 12/01/2042																	2,290						2,140
Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014 5.250% due 05/15/2040																	500						500
Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 4.000% due 12/01/2047																	2,000						1,966
Port Authority of New York & New Jersey Revenue Bonds, Series 2017 5.250% due 10/15/2057																	6,865						7,160
Port Authority of New York & New Jersey Revenue Bonds, Series 2020 4.000% due 07/15/2060																	400						363

Schedule of Investments PIMCO New York Municipal Income Fund II (Cont.)	March 31, 2024 (Unaudited)

 

Port Authority of New York & New Jersey Revenue Bonds, Series 2023 5.000% due 12/01/2043																	630						679
Riverhead IDA Economic Job Development Corp., New York Revenue Bonds, (FNMA Insured), Series 2023 4.500% due 02/01/2041																	1,000						1,006
Schenectady County Capital Resource Corp. Union College Project, New York Revenue Notes, Series 2022 5.000% due 07/01/2032																	470						550
Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 5.125% due 11/01/2041																	475						413
Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)																	5,000						522
4.000% due 06/01/2050																	750						699
Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022
4.000% due 05/15/2057																	1,250						1,197
5.250% due 05/15/2062																	750						814
Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 5.000% due 05/15/2049																	900						984
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 5.000% due 11/15/2043																	750						796
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021
5.000% due 05/15/2051																	1,250						1,324
5.000% due 11/15/2056																	2,810						2,985
TSASC, Inc., New York Revenue Bonds, Series 2017
5.000% due 06/01/2035																	3,000						3,121
5.000% due 06/01/2041																	500						510
Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 5.250% due 09/15/2047																	1,000						768
Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 5.000% due 12/15/2050																	3,500						3,867
Westchester County, New York Local Development Corp. Revenue Bonds, Series 2014 5.500% due 05/01/2042																	1,000						1,000
																							151,112
NORTH DAKOTA 0.0%
Grand Forks County, North Dakota Revenue Bonds, Series 2021 7.000% due 12/15/2043 ^(b)																	320						9
PENNSYLVANIA 0.6%
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 9.000% due 04/01/2051																	560						620
PUERTO RICO 3.2%
Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008 0.000% due 05/15/2057 (c)																	10,200						775
Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043																	1,080						626
0.000% due 11/01/2051																	283						167
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 4.000% due 07/01/2041																	550						519
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 0.000% due 07/01/2051 (c)																	3,900						914
																							3,001
TEXAS 1.5%
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045																	220						148
12.000% due 12/01/2045																	400						351
Texas Water Development Board Revenue Bonds, Series 2022 5.000% due 10/15/2057																	890						958
																							1,457
VIRGINIA 0.7%
Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (c)																	8,000						255
5.500% due 07/01/2044																	500						457
																							712
WISCONSIN 0.7%
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022 4.000% due 12/01/2051																	720						672

Schedule of Investments PIMCO New York Municipal Income Fund II (Cont.)	March 31, 2024 (Unaudited)

 

Total Municipal Bonds & Notes (Cost $160,950)																							161,036
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS (d) 0.3%																							290
Total Short-Term Instruments (Cost $290)																							290
Total Investments in Securities (Cost $161,240)																							161,326
Total Investments 170.1% (Cost $161,240)																						$	161,326
Auction Rate Preferred Shares (53.9)%																							(51,100)
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (15.7)%																							(14,894)
Other Assets and Liabilities, net (0.5)%																							(515)
Net Assets Applicable to Common Shareholders 100.0%																						$	94,817

Schedule of Investments PIMCO New York Municipal Income Fund II (Cont.)	March 31, 2024 (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)		When-issued security.
(b)		Security is not accruing income as of the date of this report.
(c)		Zero coupon security.
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(d)		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			2.600%	03/28/2024	04/01/2024	$	290		U.S. Treasury Bills 0.010% due 06/18/2024						$		(296)		$		290			$			290
Total Repurchase Agreements															$		(296)		$		290			$			290
(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, 2024 in valuing the Fund's assets and liabilities:
Category and Subcategory								Level 1				Level 2		Level 3				Fair Value at 03/31/2024
Investments in Securities, at Value
Municipal Bonds & Notes
	Arizona							$			0	$	24	$	0			$			24
	Delaware										0		1,379		0						1,379
	Illinois										0		1,048		0						1,048
	New Hampshire										0		1,002		0						1,002
	New York										0		151,112		0						151,112
	North Dakota										0		9		0						9
	Pennsylvania										0		620		0						620
	Puerto Rico										0		3,001		0						3,001
	Texas										0		1,457		0						1,457
	Virginia										0		712		0						712
	Wisconsin										0		672		0						672
Short-Term Instruments
	Repurchase Agreements										0		290		0						290
Total Investments								$			0	$	161,326	$	0			$			161,326
There were no significant transfers into or out of Level 3 during the period ended March 31, 2024.

 

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, 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 portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

 

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 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, 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.

 

 

 

Notes to Financial Statements (Cont.)

 

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

 

Short-term debt instruments (such as commercial paper, 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.

 

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 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, 2024, 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:
AGM		Assured Guaranty Municipal		AMBAC		American Municipal Bond Assurance Corp.		FNMA		Federal National Mortgage Association
Other  Abbreviations:
TBA		To-Be-Announced

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